Billionaire crypto investor Mike Novogratz said decentralized finance, or DeFi, could spell serious trouble for banks, that shiba inu coin and dogecoin are unsustainable, and that crypto traders should avoid excessive leverage in an interview with Binance's podcast on Wednesday.
He also revealed that speaking to ethereum entrepreneur Joe Lubin convinced him that crypto would be a revolution, that the 2017 bitcoin rally was a turning point for him, and argued that the crypto community was often too angry.
Here are the 11 best quotes.
Talking to Joe Lubin of ConsenSys
"I walked into that office [in around 2013] and they were like, we're going to disrupt the world and we're going to disrupt art, finance, and IP and music.
"And they had all these things on the wall of how this decentralized revolution was going to happen. And that's when I really got inspired. I was like, this is like religious zeal. And these people aren't going to give up. It's fighting for the little guy, it's fighting for transparency, it's fighting for a more egalitarian system."
2017 was a turning point
"By the time 2017 happened, I made a freaking fortune, which was fun. And that empowered me to do other things. I thought about doing a hedge fund and decided not to. And we had come up the idea of, let's raise permanent capital and really invest for the long term in what we think is going to be a transformational revolution." - Novogratz founded Galaxy Digital in 2018.
Decentralized finance could hit banks hard
"I talked to guys who run banks all the time and they've been very interested in crypto. And I was like, you guys were so wrong worrying about bitcoin. Bitcoin was an asset that you could buy and sell and trade and asset manage and get your clients to, but it wasn't a threat to your enterprise.