Michael Novogratz continues to be bullish on what he calls the digital gold of the future. He points out the regulation risk in the U.S. is moderated with the exchanges enforcing KYC and AML checks. Once the market gets even more comfortable with the regulation risk, the institutional investor will continue to pile in and push the momentum upwards for bitcoin.
Novogratz also noted that there is actually a major college endowment meeting today to decide whether they want to invest in a Bitcoin venture fund or buy Bitcoin directly. And on top of that, Harvard, Yale and Stanford endowments have already invested in Bitcoin. This would further push the mainstream adoption.
Check out clip from CNBC below, we’re also including the transcript in case you can’t see the video. All rights belong to CNBC and please refer all credits to CNBC.
I want to talk about crypt doing big coin. I know we talked a lot about it, but it’s becoming well. You’ve seen what’s happened. The price Michael Novogratz is here. Let me ask you this, and we’ve been going back and forth about it about the regulation involved, which is that you said you thought we sort of got past the sort of regulatory hurdle. And what I keep worrying or wondering about is if if Bitcoin or any of these crypto currencies become truly a big deal all of a sudden the G seven, which just had a meeting about Libera and everything else we’ll say, You know what? We’re gonna actually make the on ramps to this because we can’t actually regulate the actual currency because not a Fiat currency. We’re gonna regulate the on ramps in a remarkable way. And that would complicate the whole picture,
so that that’s being done already, right? It’s it’s K Y. See and know your customer and anti money laundering is being really strictly enforced here in the U. S. And in Europe. And so.
what’s what’s The good news is there are lots of institutional players that are coming into the space that are gonna make access much easier for credible players. So if it’s Fidelity or TD, Ameritrade is working on being ableto,
right through your brokerage account or New York Stock Exchange backed, which is finally getting started. And I think the next six weeks.
and so on ramps in a credible way that the regulators are okay with are happening.
And so, are we sure that they’re okay with it, or they just having caught up to it, I think that’s the other piece of it.
Listen, if you’re the Federal Reserve or the Treasury and, Bitcoin was being used as a currency and was starting to,
eat away at the dollar, you get really nervous. And that’s why I think they’re more focused on Libera or other. The stable queen projects that they are Bitcoin because because if you put Bitcoin in the digital gold space, it’s just another asset, right? Right? Gold’s eight trillion. Even if Bitcoin got to a million dollars, that’s only two trillion,
and so this one’s got a long way to go before it’s got any money winners.
Can there be e mean?
Is there enough room for all Kryptos.
Nor is it going to be the one Bitcoin gonna be the.
one because of of being first really one of the first.
I think Bitcoin’s gonna win this digital gold. And then there’s gonna be a big fight over what becomes Web three point zero. A theory, Um, and definitive E and EOS There’s probably fifteen to twenty five credible projects that are trying to be this,
global supercomputer that processes and authenticates data that you, Khun build on top of That’s three to four five years away. Those air really venture bets. And so it’s hard for the market cap to get so, so high, like Bitcoin. Do you think that the entire cloud if we took Amazon’s Cloud and Microsoft’s Cloud and Alibaba’s Cloud and looked at the market clap of the cloud? It’s less than a trillion dollars, so it’s one eighth or one tenth of gold. And so that other group in Round one is fighting to be the cloud and wants a way.
That’s what people talk. Okay, so there’s a having in May of twenty twenty and and then there’s.
maybe one or two more by twenty twenty five. But the stock, the flow shows a million dollars in just six years. Is that I mean, you don’t think that Do,
you have to believe in the Easter Bunny, too? Believe that, or is that really?
believe in adoption? And so there’s a college endowment meeting today to decide. Should they put money into a venture phone with Big Pointer Bitcoin directly?
One thing that liberal,
major college and that we would know that people say, Well, where is the?
Harvard and Yale and Stanford already in? And so,
one thing that Lieber did when you saw MasterCard and Visa and PayPal and uber all sign up credential ised, crypto. And so every institutional player is looking. How do they get their foothold?
All of them not all in yet most aren’t in, but they’re all getting closer. And as those guys move in first two Bitcoin and then tow broader crypto, you know, that’s what drives this next price.
Because that’s what people ask is where’s the money gonna come from the make and they’re asking it in sort of a greater fool, sort of the antiquated notion of what’s really happening here, and that’s not really what’s happening now. It’s not a greater fool.
It’s really serious investor.
But some people think that gold is about the greater fool because there is no underlying value. I know you think that there’s value because of the work produced Teo create.
on. Not on the flip side of that.
And I said to take a commercial break. I could take a hole right here for spent a whole year, hours upon hours doing it. And you could decide that that,
and people say, You know, there’s scarcity. Well, you know, Doggy doo. If it becomes scarce all of a sudden, you’re still not gonna want it,
no matter how scared. So that remember that I can tell you I’ve got three dollars should do not want it beyond. I,
was with him with a music publishing company yesterday, and we were literally looking at, you know, imagine taking Bob Marley’s,
you know, publishing rights token ising and selling out,
Teo the public by part of Bomb Marty’s future and being able to show directly how many radio plays, how many movie plays, all the accounting built in the token.
Cryptocurrency. That’s just ah, that’s the total. But that’s the transcript.
of the but that’s coming and so emboldened in this whole idea is as we’re moving to a digital. And.
but that doesn’t do anything for Bitcoin necessarily. And then there’s the view that all these guys in Silicon Valley are trying to build on top of a theory. Um, still.
And what’s that going to be worth or not?
Well, so well, I said it the theory and wins that battle to be Web three point Oh, it’ll be worth a lot.
more than required.
No, no, I don’t think so, because I think that’s,
you know that has quote unquote utility. Supposedly, according to the Valley guys who are programmed,
Nodia, things should be worth more gold or the whole clouds. Clouds got a lot of utility. We use it every freaking day, right? All this data is being shoved up there. Right now.
Gold’s got this special case of store value.
It doesn’t beautiful, and it’s great for jewellery. But you cannot send it over to Japan instantaneously to cover something for free and never will. So that’s that. The utility of that confuse it with value as well