WEBVTT - Galaxy Digital CEO & Founder Michael Novogratz Talks AI, Stocks

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Galaxy Digital and its founder Mike Novograts have been a

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<v Speaker 2>major force in the push by crypto into mainstream finance.

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<v Speaker 2>Digital asset treasuries dats are the latest example, with an

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<v Speaker 2>astounding eighty five and counting announced this year. They've raised

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<v Speaker 2>billions from investors everywhere from the US to the Gulf

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<v Speaker 2>to Asia. Galaxy among the top investors over the past

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<v Speaker 2>six months. It's helped lead fundraising round for Forward Industries

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<v Speaker 2>one point six billion dollars Solana Treasury. It's the largest

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<v Speaker 2>for that token. Forward share surged on the news, up

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<v Speaker 2>now more than five hundred percent so far this year.

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<v Speaker 3>Let's bring in.

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<v Speaker 2>Galaxy Digital founder and CEO, Mike Novagrats, who's going to

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<v Speaker 2>be hanging out with us for quite a bit of

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<v Speaker 2>time during the show. Mike, Always appreciate your time. Always

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<v Speaker 2>good to see you. We're going to talk about Solana

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<v Speaker 2>in just a minute. First, though, I just want to

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<v Speaker 2>get your commentary on what's happened in the last forty

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<v Speaker 2>eight hours with the selloff and the volatility that we

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<v Speaker 2>have seen. How do you explain it?

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<v Speaker 4>Yeah, listen, there are a few things that happened.

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<v Speaker 3>One.

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<v Speaker 1>Crypto had a pretty awesome few months, right. I mean,

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<v Speaker 1>Ethereum went up almost three x, Solana went up a ton,

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<v Speaker 1>and so market's at one point get a little bit long,

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<v Speaker 1>and it takes just a little bit for people to

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<v Speaker 1>get nervous and some of the leverage to come out.

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<v Speaker 1>We saw what it looked like some big Chinese mining selling.

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<v Speaker 1>You also had you know Arthur Hayes, who's one of

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<v Speaker 1>the real thought leaders around crypto. He put out a

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<v Speaker 1>pretty bearish commentary around hyper Liquid. Hyper Liquid is the

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<v Speaker 1>only token in the top ten that didn't exist a

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<v Speaker 1>few years ago. Right. It's a decentralized version of binance,

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<v Speaker 1>if you want to think about it. And it's a

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<v Speaker 1>pretty spectacular story with the amount of growth it had.

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<v Speaker 1>And Arthur said, hey, wait a minute, I think it's

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<v Speaker 1>gone too far. The founders are going to sell, and

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<v Speaker 1>so hyper liquid really got hit the hardest, and that

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<v Speaker 1>I think kind of hit some of the overall element

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<v Speaker 1>in the market. And so I think this is just

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<v Speaker 1>a pullback. You know, Crypto has been kind of soft.

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<v Speaker 1>Bitcoin's been kind of soft because a lot of the

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<v Speaker 1>action moved away from bitcoin. But if you had told

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<v Speaker 1>someone four months ago that you're going to be nervous

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<v Speaker 1>with bitcoin at one twelve, they would have a big

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<v Speaker 1>grin on their face, right, And so you have to

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<v Speaker 1>keep things in context. We're still up significantly on the

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<v Speaker 1>year of both bitcoin Ethan and solon them.

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<v Speaker 5>Speaking of keeping things in context, a lot of people

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<v Speaker 5>have been saying that crypto price movement can foretel stock

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<v Speaker 5>prices as well. More broadly, you know, it's like a

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<v Speaker 5>leading asset class.

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<v Speaker 6>Do you subscribe to that? Do you believe that?

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<v Speaker 4>Ah, I'm not sure.

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<v Speaker 1>Listen, I think sometimes it feels leading and sometimes it

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<v Speaker 1>feels lagging. We are in a euphoric moment in stocks,

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<v Speaker 1>and there is a lot of excitement all around this

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<v Speaker 1>AI theme.

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<v Speaker 4>AI is powerful. It is going to change the way

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<v Speaker 4>we do things.

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<v Speaker 1>I was literally just in a meeting with my management

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<v Speaker 1>team talking about aiad galaxy, and every single C suite

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<v Speaker 1>in the world is having that same conversation, and so

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<v Speaker 1>that creates bubble like excitement. And we've got valuations in

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<v Speaker 1>the in the NASDAC and the S and P as

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<v Speaker 1>high as we see them, and so it's a really

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<v Speaker 1>hard market because it's got husu momentum and excitement around

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<v Speaker 1>a real story. But it's got valuations that get you

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<v Speaker 1>really nervous. And the interconnectivity of the video, open ai oracle,

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<v Speaker 1>the vendor financing, you know, web that gets you nervous,

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<v Speaker 1>like valuation creating more valuation. And so I think you've

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<v Speaker 1>got a market that's that's nervous. That doesn't mean it's

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<v Speaker 1>not going to go a lot higher. Right The last

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<v Speaker 1>the last leg of great markets always surprises people and

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<v Speaker 1>how powerful it can be.

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<v Speaker 4>And I'm not saying this is the last leg, but

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<v Speaker 4>it very well could be.

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<v Speaker 2>So if you're looking at that in terms of the

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<v Speaker 2>equity market right now, how does that translate over to

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<v Speaker 2>the way you're thinking about crypto and where we could

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<v Speaker 2>be in the cycle when it comes to crypto right now,

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<v Speaker 2>and not every token is created equally. I know you

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<v Speaker 2>love Ether and Solana, and you know you're traditionally going

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<v Speaker 2>back to bitcoin, but what does it mean for crypto?

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<v Speaker 1>Well, listen, crypto traditionally has traded with four year cycles,

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<v Speaker 1>and that would be ending in December, right halfway between

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<v Speaker 1>the having is usually where our peaks have been. And

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<v Speaker 1>you know the end of twenty seventeen, if you had

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<v Speaker 1>sold everything in December, you look pretty smart. And the

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<v Speaker 1>end of twenty twenty one, if you'd sold everything in December,

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<v Speaker 1>you look pretty smart. And now here we are October

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<v Speaker 1>of twenty twenty five, at all time highs at almost

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<v Speaker 1>every token, and you're wondering should you sell everything in December?

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<v Speaker 4>Listen? What could be different? And I think probably is different.

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<v Speaker 1>We have gotten one piece of legislation out of the

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<v Speaker 1>US called the Genius Act stable coin legislation. In an

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<v Speaker 1>all likelihood, sometime in mid October mid.

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<v Speaker 4>November, we're going to get.

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<v Speaker 1>The second piece of legislation, which will help define what

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<v Speaker 1>a security and what a commodity is and a lot

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<v Speaker 1>of other rules around crypto in America.

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<v Speaker 4>That's a big deal.

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<v Speaker 1>With those two bookends of legislation, it's going to unleash

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<v Speaker 1>a tremendous amount of new participation, new participation in crypto.

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<v Speaker 4>I mean, think about it.

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<v Speaker 1>You can't use stable coins on your iPhone yet, there's

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<v Speaker 1>almost zero chance in the next few years you will

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<v Speaker 1>be able to use stable coins on your iPhone or

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<v Speaker 1>on your Samsung Galaxy phone or in almost any social

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<v Speaker 1>media app. You couldn't before because they weren't necessarily legal.

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<v Speaker 4>Now they are. Yeah, and once the.

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<v Speaker 1>US government puts its improper tour on this industry, which

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<v Speaker 1>it has, we have the most crypto friendly sec one

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<v Speaker 1>could imagine. Yeah, you know, you're going to have this

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<v Speaker 1>new wave of participation and so we might not be

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<v Speaker 1>in the traditional cycle.

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<v Speaker 2>Well, this week, Brera Holding says it will be renamed

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<v Speaker 2>Soulmate to become a Solana based digital asset treasury following

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<v Speaker 2>a three hundred million dollar fundraise. It's newly named CEO,

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<v Speaker 2>Marco Sentori, joins us now along with Galaxy Digital's Mike Novograts.

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<v Speaker 2>Marco's formerly worked at Pantera and Kraken. Good to have

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<v Speaker 2>you on the program. Another digital asset treasury company. I

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<v Speaker 2>was shocked to see an Olga Krieff's article today actually

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<v Speaker 2>about Mike Novograts and other Princeton folks, that there have

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<v Speaker 2>been eighty five digital asset treasury companies just this year.

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<v Speaker 3>Why another one listen to. First of all, thank you

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<v Speaker 3>for having me.

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<v Speaker 7>Second of all, you've got to stop looking at treasury

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<v Speaker 7>companies as trades.

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<v Speaker 3>These things are notes.

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<v Speaker 7>There are going to be as many treasury companies as

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<v Speaker 7>there are coin accumulation strategies over the next twenty years.

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<v Speaker 7>This is not a fad, it's not a trend, it's

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<v Speaker 7>not going away. This is a replacement for the traditional

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<v Speaker 7>foundation model. So historically, what digital asset innovators have had

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<v Speaker 7>to do is sequester all of their new coins. They're

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<v Speaker 7>newly created coins in these not for profit corporations or

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<v Speaker 7>nonprofits in the Caymans, in Switzerland, and basically these companies

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<v Speaker 7>have watched their treasury go down into the right over time.

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<v Speaker 3>That is clearly an inefficient model.

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<v Speaker 7>We think treasury companies are going to take the place

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<v Speaker 7>of these foundations over time. They have access to the

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<v Speaker 7>capital markets, they can be more dynamic, they can generate revenue,

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<v Speaker 7>and they can still steward the ecosystems that they're supposed

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<v Speaker 7>to steward. So you can't look at this thing like

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<v Speaker 7>a trade. You have to look at it as an evolution.

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<v Speaker 5>Having said that, and your company is rebranding itself as Soul,

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<v Speaker 5>which really shows that you're betting on that particular coin.

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<v Speaker 5>Can you explain why you've said walste will be building

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<v Speaker 5>on Solana and not ethereum, what's the basis for that view?

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<v Speaker 7>Well, I'm a big Solona believer. Everybody at Soul made

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<v Speaker 7>it's a big Salona believer. Bitcoin is special. Bitcoin was

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<v Speaker 7>and remains and I think for a very long time

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<v Speaker 7>will be special. It's a new monetary system, a new

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<v Speaker 7>kind of money. Then Ethereum came on the scene, and

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<v Speaker 7>Ethereum said, you know what, there's actually more we can

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<v Speaker 7>do with these blockchains. We can do more than just

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<v Speaker 7>move value around. We can create smart contracts, they can

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<v Speaker 7>be composable, they can be decentralized, they can be hardened

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<v Speaker 7>against attack and interference. But then it didn't scale, it

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<v Speaker 7>didn't go anywhere. Ethereum still can only handle a small

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<v Speaker 7>number of transactions per second at the base layer, and

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<v Speaker 7>instead it chips off the large numbers of transactions, all

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<v Speaker 7>the high throughput, highly performance transactions to these second layer

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<v Speaker 7>servers where it's really just somebody else's computer, and sacrifices

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<v Speaker 7>so many of the values that made decentralized technology valuable.

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<v Speaker 3>Solana doesn't do that. Solana doesn't have to do that.

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<v Speaker 7>It can scale to hundreds of thousands of transactions per

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<v Speaker 7>second at the base layer, at that foundational layer that

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<v Speaker 7>made all of those promises about financial services and what

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<v Speaker 7>financial services could do with blockchains. So when I discovered Solana.

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<v Speaker 7>I wasn't as early as the party as some I'll

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<v Speaker 7>tell you that, but it was a light bulb moment

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<v Speaker 7>that went off.

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<v Speaker 3>This is clearly the future.

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<v Speaker 7>This is what sophisticated high throughput transactions are going to

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<v Speaker 7>run on in the future.

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<v Speaker 5>Mike. I want to bring you into the conversation because

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<v Speaker 5>Tim mentioned they're about eighty five companies that are involved

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<v Speaker 5>in dahs, and you've said that you don't think all

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<v Speaker 5>these dhs will be successful. But if you get critical mass,

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<v Speaker 5>enhance yield on the underlying token, and build the ecosystem,

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<v Speaker 5>I think they're net positives for crypto. These are public

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<v Speaker 5>companies that will be around for a long time.

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<v Speaker 6>Mike. What will determine success and longevity?

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<v Speaker 1>Listen, I think you're going to need scale, right because

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<v Speaker 1>scale begets scale, and so you know, you think of

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<v Speaker 1>something like micro strategy, which came out first, and now

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<v Speaker 1>strategy it's got scale, and you know it will it will.

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<v Speaker 4>Probably What do these companies do?

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<v Speaker 1>They bring energy into the ecosystem in lots of ways.

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<v Speaker 4>And what I.

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<v Speaker 1>Was a little wrong on early on, and then it

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<v Speaker 1>dawned on me, was the access to capital through the

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<v Speaker 1>equity infrastructure is so much greater than it was through

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<v Speaker 1>the crypto infrastructure. Right, crypto' is a twelve year old business,

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<v Speaker 1>and equities have been.

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<v Speaker 4>Around for a long long time.

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<v Speaker 1>That the wonderful thing about these data center company, of

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<v Speaker 1>these treasury companies is they've brought in so much more

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<v Speaker 1>capital at a quick pace.

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<v Speaker 4>And that capital is what will build this industry.

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<v Speaker 1>And so I think in each of these buckets, like

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<v Speaker 1>I love the fact that that Marco is doing another

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<v Speaker 1>Salona company because it's also based in a different part

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<v Speaker 1>of the world. It's going to attack a different set

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<v Speaker 1>of new investors. You know, we're you know, foreign Industries

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<v Speaker 1>is a very US focused investor base and company, but

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<v Speaker 1>it's a global technology and so in some ways, the

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<v Speaker 1>more of the merrier, I think, in order to survive,

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<v Speaker 1>you're you're going to have to prove to the investors

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<v Speaker 1>that you bring value. Right, Like listen, if we all

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<v Speaker 1>trade to nav it's hard to it's hard to raise

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<v Speaker 1>a lot more capital. And so you've got to do

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<v Speaker 1>something that allows you to think, hey, on our one

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<v Speaker 1>point six billion dollars of Solana, just through staking and

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<v Speaker 1>other things, if we can get that yield from seven

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<v Speaker 1>to ten percent you're making one hundred and sixty million

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<v Speaker 1>dollars a year in dividends, and you can use that

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<v Speaker 1>one hundred and sixty million dollars a year to do

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<v Speaker 1>other cool stuff with You can use that leverage to

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<v Speaker 1>maybe get a good deal on getting free free equity

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<v Speaker 1>in a program that's building on top of the blockchain.

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<v Speaker 4>And so you're gonna have to be creative.

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<v Speaker 1>We partnered and forward with Jump Capital and multi coin.

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<v Speaker 1>Jump is probably the premier builder of architecture, of financial

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<v Speaker 1>market architecture on blockchains and certainly on the Salona blockchain.

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<v Speaker 1>And so to me that's just thrilling. Right, there are

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<v Speaker 1>four companies in the world I think that can coind

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<v Speaker 1>of Pete with Jump right, like frequency trading, and so

0:12:32.640 --> 0:12:37.080
<v Speaker 1>they see the Salona blockchain as what will be the.

0:12:37.000 --> 0:12:38.960
<v Speaker 4>Foundation for capital markets in America.

0:12:39.440 --> 0:12:42.679
<v Speaker 1>And when you have the new head of the SEC,

0:12:42.840 --> 0:12:45.160
<v Speaker 1>Paul Ack and saying I want everything to move on, Shane,

0:12:46.120 --> 0:12:46.880
<v Speaker 1>that's a big deal.

0:12:47.040 --> 0:12:48.280
<v Speaker 4>I mean, it's a stunning Dear.

0:12:48.440 --> 0:12:50.440
<v Speaker 2>We're going to talk more about the regulatory environment in

0:12:50.679 --> 0:12:52.120
<v Speaker 2>just a moment. In the meantime, I do want to

0:12:52.120 --> 0:12:54.640
<v Speaker 2>thank soulmate CEO Marco Santori for joining us on set.

0:12:54.679 --> 0:12:58.080
<v Speaker 2>Mike nograts is sticking with us now.

0:12:58.120 --> 0:13:00.640
<v Speaker 8>I'm committed to this company because they did everything they

0:13:00.679 --> 0:13:02.760
<v Speaker 8>could to try and cancel us. They did everything they could,

0:13:02.760 --> 0:13:05.280
<v Speaker 8>I'm talking about traditional finance to put us out of business.

0:13:05.320 --> 0:13:07.240
<v Speaker 8>I was the guy that was getting hundreds of letters

0:13:07.280 --> 0:13:10.520
<v Speaker 8>from the big banks, Capital One, JP, Morgan, you know,

0:13:10.600 --> 0:13:12.040
<v Speaker 8>I mean all of them, Bank of America. I saw

0:13:12.120 --> 0:13:14.920
<v Speaker 8>Moyhand was just on trying to take away accounts for

0:13:14.920 --> 0:13:18.360
<v Speaker 8>for golf courses, for hotels, for residential buildings, for doing

0:13:18.400 --> 0:13:21.160
<v Speaker 8>absolutely nothing wrong. And it drove me into crypto because

0:13:21.160 --> 0:13:22.840
<v Speaker 8>I realized that there was nothing that couldn't be done

0:13:22.840 --> 0:13:27.199
<v Speaker 8>in crypto better, faster, cheaper, more transparently, and it's amazing industry.

0:13:28.559 --> 0:13:31.040
<v Speaker 5>That was Eric Trump speaking to us last week. We're

0:13:31.040 --> 0:13:33.839
<v Speaker 5>back with Galaxy Digital founder and CEO Mike Novogratz.

0:13:33.920 --> 0:13:35.439
<v Speaker 6>Mike, the White.

0:13:35.160 --> 0:13:37.040
<v Speaker 5>House, as we know, has ushered in this new era

0:13:37.120 --> 0:13:39.480
<v Speaker 5>for crypto in terms of regulation and of course in

0:13:39.559 --> 0:13:43.079
<v Speaker 5>terms of this friendly stance toward growing the industry. Are

0:13:43.120 --> 0:13:45.719
<v Speaker 5>you comfortable with the First family being this act of

0:13:45.880 --> 0:13:48.560
<v Speaker 5>so active in this industry. Some make the argument that

0:13:48.600 --> 0:13:50.480
<v Speaker 5>there's an inherent conflict of interest. There.

0:13:51.480 --> 0:13:55.200
<v Speaker 1>Listen what I've said before, and I'll say again, as

0:13:55.280 --> 0:14:00.840
<v Speaker 1>long as the Trump family and their associates by the rules,

0:14:00.880 --> 0:14:02.040
<v Speaker 1>I'm completely fine by it.

0:14:02.080 --> 0:14:03.920
<v Speaker 4>And you know, the one thing.

0:14:03.840 --> 0:14:09.280
<v Speaker 1>About this new SEC is they're all about disclosure and

0:14:09.960 --> 0:14:12.000
<v Speaker 1>you know people, and it's a little bit of a

0:14:12.000 --> 0:14:13.720
<v Speaker 1>buyer beware SEC.

0:14:14.440 --> 0:14:16.160
<v Speaker 4>And I would guess if you read.

0:14:15.960 --> 0:14:19.600
<v Speaker 1>Through most of the the different protocols the Trump guys

0:14:19.600 --> 0:14:22.160
<v Speaker 1>that have participated in it's everything they do is pretty

0:14:22.200 --> 0:14:24.960
<v Speaker 1>well disclosed, and so I don't think there should be

0:14:25.000 --> 0:14:27.320
<v Speaker 1>any mystery around, you know, what they're doing.

0:14:27.320 --> 0:14:29.280
<v Speaker 4>Listen, if they break the rule, if I break the rule,

0:14:29.280 --> 0:14:31.600
<v Speaker 4>we should get in trouble. But I don't think you

0:14:31.640 --> 0:14:33.680
<v Speaker 4>can you can prevent.

0:14:35.280 --> 0:14:39.400
<v Speaker 1>The children of people in power from participating in business.

0:14:39.720 --> 0:14:42.680
<v Speaker 1>I do think it's an issue in politics right The

0:14:42.720 --> 0:14:44.920
<v Speaker 1>Democrats are going to make a big deal about what

0:14:44.960 --> 0:14:50.000
<v Speaker 1>they perceive as grift, that the president shouldn't be doing this,

0:14:51.320 --> 0:14:54.640
<v Speaker 1>and that that has a potential to slow down the

0:14:54.640 --> 0:14:58.400
<v Speaker 1>market structure bill. The far left will push. I think

0:14:58.440 --> 0:15:04.160
<v Speaker 1>the optimistic news is is there's enough Democrats.

0:15:05.440 --> 0:15:07.560
<v Speaker 4>Right, you know, and you can think about guys.

0:15:07.320 --> 0:15:12.880
<v Speaker 1>Like Mark Warner, Ruman, Diego's our own New York Senator

0:15:13.480 --> 0:15:19.120
<v Speaker 1>Kristian Jildebrand that see the value in crypto, that see

0:15:19.240 --> 0:15:24.680
<v Speaker 1>the political value in being seen as pro technology, pro innovation,

0:15:25.480 --> 0:15:27.920
<v Speaker 1>that market structure will get passed, and we'll probably get

0:15:27.960 --> 0:15:30.240
<v Speaker 1>passed with a lot more than ten Democratic votes.

0:15:30.960 --> 0:15:33.680
<v Speaker 2>So it sounds funny we spoke I just want to

0:15:33.720 --> 0:15:34.960
<v Speaker 2>jump in because there'red a ton of time. But we

0:15:34.960 --> 0:15:37.160
<v Speaker 2>spoke to Dan moorehead last week, and he made the

0:15:37.160 --> 0:15:42.080
<v Speaker 2>point of saying that it really seems like this is

0:15:42.120 --> 0:15:44.560
<v Speaker 2>important to voters. I push back a little bit on that,

0:15:44.680 --> 0:15:47.640
<v Speaker 2>because we saw in the last election a year ago

0:15:47.680 --> 0:15:50.920
<v Speaker 2>that even the pro crypto candidates weren't being messaged in

0:15:51.360 --> 0:15:54.440
<v Speaker 2>a way that even mentioned cryptocurrency in a lot of cases.

0:15:54.480 --> 0:15:58.120
<v Speaker 2>Do you think that Democrats now are getting the message

0:15:58.760 --> 0:16:00.640
<v Speaker 2>if you think that they have to be on board

0:16:01.040 --> 0:16:03.080
<v Speaker 2>with this type of asset, I do.

0:16:03.160 --> 0:16:06.080
<v Speaker 1>I think Democrats a lot of them think, oh shit,

0:16:06.400 --> 0:16:09.440
<v Speaker 1>crypto swayed the election Trump's way. Why were we so

0:16:09.600 --> 0:16:13.880
<v Speaker 1>dumb not to like you think that the election. I

0:16:13.920 --> 0:16:15.800
<v Speaker 1>think crypto had a big deal. If it had the

0:16:16.000 --> 0:16:18.240
<v Speaker 1>big deal in the election in the Ohio.

0:16:18.160 --> 0:16:20.640
<v Speaker 2>Senate, but was that crypto or was that just the

0:16:20.680 --> 0:16:23.800
<v Speaker 2>messaging around Bernie Moreno, I think.

0:16:23.600 --> 0:16:25.680
<v Speaker 4>It was crypto. It was the money that crypto brought.

0:16:25.720 --> 0:16:28.960
<v Speaker 1>Crypto was the crypto pack was the single largest donor

0:16:29.320 --> 0:16:30.320
<v Speaker 1>to the Trump campaign.

0:16:30.400 --> 0:16:33.120
<v Speaker 2>But they didn't message around crypto. They message around the border.

0:16:33.120 --> 0:16:35.360
<v Speaker 2>They message around other issues that seemed to resonate more

0:16:35.400 --> 0:16:35.920
<v Speaker 2>with voters.

0:16:36.440 --> 0:16:40.560
<v Speaker 4>They listen. There were eighty million crypto owners in America.

0:16:41.080 --> 0:16:43.160
<v Speaker 1>A lot of them are single issue voters who care

0:16:43.200 --> 0:16:46.080
<v Speaker 1>a lot about this issury that more people own crypto.

0:16:45.760 --> 0:16:46.480
<v Speaker 4>Than owned dogs.

0:16:46.960 --> 0:16:48.920
<v Speaker 1>You know, can you imagine being the party that said,

0:16:49.120 --> 0:16:52.120
<v Speaker 1>I don't like dogs, I don't care about like like.

0:16:52.360 --> 0:16:55.240
<v Speaker 1>It was so dumb for Democrats to be anti crypto.

0:16:55.600 --> 0:16:58.600
<v Speaker 1>It turned people off. It was It wasn't the only thing,

0:16:58.840 --> 0:17:01.200
<v Speaker 1>but it was a pile on effect of all those

0:17:01.240 --> 0:17:04.440
<v Speaker 1>issues that swayed young men. I mean, young men voted

0:17:04.480 --> 0:17:06.800
<v Speaker 1>for Trump much more than they did in any press election.

0:17:07.200 --> 0:17:08.760
<v Speaker 4>And young men are the crypto people.

0:17:09.600 --> 0:17:11.080
<v Speaker 3>Yeah, yeah, go ahead, No.

0:17:10.840 --> 0:17:13.280
<v Speaker 5>No, no, I think that's a good point, and it's

0:17:13.280 --> 0:17:14.919
<v Speaker 5>something that's a distinguishing factor.

0:17:15.119 --> 0:17:17.840
<v Speaker 6>We only have about a minute left. I'm just wondering.

0:17:18.080 --> 0:17:20.959
<v Speaker 5>As we wrap up our conversation here. It's been a

0:17:20.960 --> 0:17:24.080
<v Speaker 5>banner year for crypto overall? What is next on your

0:17:24.119 --> 0:17:24.640
<v Speaker 5>to do list?

0:17:24.800 --> 0:17:27.119
<v Speaker 4>Mike, listen.

0:17:27.320 --> 0:17:30.560
<v Speaker 1>I think any cryptocurrency company has to be looking on

0:17:30.600 --> 0:17:34.399
<v Speaker 1>Shane to figure out how do we move more of

0:17:34.400 --> 0:17:36.679
<v Speaker 1>our business on Shane. How do we bring on Shane

0:17:37.440 --> 0:17:41.280
<v Speaker 1>access to our traditional customers. Right when the head of

0:17:41.280 --> 0:17:44.000
<v Speaker 1>the SEC says we think markets should move on Shane,

0:17:44.920 --> 0:17:47.000
<v Speaker 1>we should listen. And so we spend a lot of

0:17:47.040 --> 0:17:51.040
<v Speaker 1>time here figuring out that exact question. We are building,

0:17:51.160 --> 0:17:54.000
<v Speaker 1>we're investing. You look at our stocks, it's gone from

0:17:54.040 --> 0:17:56.320
<v Speaker 1>the lower left to the upper right in a pretty

0:17:56.320 --> 0:17:59.320
<v Speaker 1>good line. So we feel good about you know, we're

0:17:59.359 --> 0:18:03.280
<v Speaker 1>having a great core order in a great year, and

0:18:03.359 --> 0:18:06.959
<v Speaker 1>so it's a whole different, different feeling here than it

0:18:07.000 --> 0:18:07.760
<v Speaker 1>was twelve months ago.

0:18:07.880 --> 0:18:09.600
<v Speaker 2>Hey, Mike, we only have ten seconds. You're known for

0:18:09.640 --> 0:18:11.480
<v Speaker 2>that Luna tattoo that you got a few years ago.

0:18:11.520 --> 0:18:13.160
<v Speaker 2>Did you get the Solana the sole tattoo?

0:18:13.200 --> 0:18:13.360
<v Speaker 3>Yet?

0:18:15.680 --> 0:18:18.480
<v Speaker 1>All my tattoos are are going to be kept hidden

0:18:18.520 --> 0:18:19.359
<v Speaker 1>for a long time.

0:18:21.680 --> 0:18:23.280
<v Speaker 2>Yeah, we'll keep talking about him as long as you

0:18:23.359 --> 0:18:24.600
<v Speaker 2>keep coming on. We appreciate it.

0:18:24.880 --> 0:18:28.800
<v Speaker 5>Mike Murrats, founder and CEO of Galaxy Digital, really appreciate

0:18:28.840 --> 0:18:31.400
<v Speaker 5>your joining us for the entirety of bloomber Crypto,