What does Mike Novogratz (really) say about Bitcoin?

Mike Novogratz not your typical bitcoiner. He is not a militant libertarian who has found a way Bitcoin during the cypherpunk movement. Nor is he a computer scientist from California with a passion for encryption and privacy. And it is also not one of those entities reborn to create a new identity around the “bitcoin ideology” Twitter and to Youtube. Mike is different.

Mike Novogratz is a Wall Street man. He is a venture capitalist. He is a mutual fund manager. He is smart enough not to polarize too much with the orthodoxy of the cryptocurrency community. And he’s old enough to speak the language of Wall Street perfectly. I mean, when he does interviews on TV, he doesn’t come across as a raving lunatic like many in this space. What does Mike Novogratz (really) say about Bitcoin?

Friend Mike seems to know everyone. And that seems to be the case everywhere. It is revealed, communicated, engaged and communicated. Mike talks to a lot of people. And he is one of those people who like him. If Michael Saylor and Max Keizer they are representatives of the most radical current in the cryptocurrency community, Mike Novogratz of Galaxy Digital is one of the more moderate currents. In other words, it is a less idiosyncratic sector and more investors. We could also add Cathie Wood of Ark Invest and Tom Lee of Fundstrat to this group. In these cases money is the most important thing.

Now, people who manage other people’s money tend to be stupid all the time. In other words, the starting point should always be widespread optimism. After all, pessimism does not attract customers very well. Of course, creating false expectations is not a very good idea either. Customers demand results. And they don’t like to lose money. This means that in a bad year, you can lose a large portion of your customers.

“It's been a tough week, a lot of people have been hurt, and it's a great reason to know that Bitcoin is different.

Indeed, many specialist crypto funds have had a terrible year. And many of them are on the verge of bankruptcy due to the huge flight of disappointed customers. They promised cities and castles. And now they are paying the consequences. There is clearly a crisis of confidence. Many investors feel cheated by many false promises. Why? Because it is customary to talk about Bitcoin and its price in this space with ironclad security. Error. If a risky asset like Bitcoin is portrayed as a safe haven, it stands to reason that many investors would be put off by bad advice.

The trump card of many of these bad advisors is the long-term investment argument. In other words, unrealized losses are capitalized as temporary losses.. And all we have to do is wait patiently for recovery. I mean, it’s all a walk in the park. Nevertheless, investors are not stupid. They vividly remember that the forecast before the crash was dire. And many bought very dearly because of these predictions. Now those same advisers, with confidence in place, ask for our patience.. This is the current problem with cryptocurrency funds.

Another rally compared to previous bull runs Bitcoin will have to focus more on utility and less on historyNovogratz made the prediction at the Token2049 cryptocurrency event last Wednesday.

According to Novagratz, in 2017 the bull run was largely about the story of people distrusting government and wanting more privacy and decentralization. “This was the Gen Z millennial revolution. And it was global. It’s a powerful story,” noted the CEO.

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It should be noted that Mike Novogratz admitted on CNBC that he was short the stock market. But when it was his turn to talk about Bitcoin, he got tongue-tied. Y cannot answer a direct question. – she answered, evading. “I have a mandate,” he said. Obviously, the baker must continue to sell his bread. Here Post the interview link.

Certain. The 2017 bull run was undoubtedly driven by a liberating narrative. And the latest bull run was fueled by Covid-19. The next bull run cannot depend on the libertarian narrative because that narrative has been disproved by everything that has happened recently. In times of crisis, people sought refuge in the dollar. Of course, if we were to go back in time to 2017 and listen to the predictions about the next crisis, the story would be very different. well, he isThe crisis has come and the world cannot be different than predicted.

What really Mike Novogratz says that the libertarian ideology of 2017 is no longer very compelling and that ideology must give way to pragmatism. Rather, idiosyncrasy loses its force in the face of evidence. So the future must revolve around utility. In other words, less words and more action. Less prying eyes and more infrastructure. Less tweets and more development.

Of course, despite his error in the Terra/Luna case, I have to admit that Mike Novogratz’s analysis and predictions are not bad. In fact, I always listen very carefully. I think he is quite a successful thing. Obviously, with an opinion writer like this server, it’s much easier to give an unfiltered opinion. My responsibility is much less. And of course I have less to lose. In the case of our friend Mike he has business to attend to. His words must be calculated. You can’t be too honest because you lose customers. You can’t promise too much, because you lose customers too. You need to speak like a seller of your product. But with great responsibility.

"I think people underestimate what could happen in El Salvador in 10 years"

It doesn’t take a genius to know that many have found an identity in Bitcoin. This means that many are now heroes of the story, joining the movement of culture, storytelling and faith. Bitconer Cosmology has it all. It has its enemies (government, private banks, central banks, fiat money and others). He has his savior. In this case, the savior is Bitcoin. And it has promise. It is a libertarian and decentralized paradise of the future. But above all, it has its heroes. It is about the enlightened ones who have realized the great deception of the established elite and now know the whole truth about money as a form of oppression or emancipation. For many, that “story” is irresistible.

Now, not all of us belong to that current. Mmost of us are just investors…

Source: es.cointelegraph.com

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