Bitcoin, cryptocurrencies have reached their bottom: Michael Novogratz

JOHN: BILLIONAIRE CRYPTO CURRENCY INVESTOR NOW SAYING CRYPTO CURRENCY PRICES HAVE REACHED THEIR BOTTOM CRYPTO CURRENCIES LIKE BITCOIN DROPPED SINCE THE START OF THE YEAR TODAY, Bitcoin IS UP ABOUT 1%

WITH ME, THE MAN WHO MADE HIS FORTUNE IN DIGITAL CURRENCY, GALAXY DIGITAL CAPITAL MANAGEMENT FOUNDER CURRENCY, THE FIRST BILLIONAIRE HEDGE FUND GUY, THE FIRST INSTITUTIONAL GUY WHO MADE SO MUCH MONEY THAT GOT INTO CRYPTO CURRENCY I GOT AN INTERVIEW WHERE YOU FIRST INVESTED IN Bitcoin AT $96 IT'S ABOUT $6500 TODAY >> CALL IT LUCK

NO LISTEN, WHAT I LOOKED AT THEN, I THOUGHT HERE'S A NEW TECHNOLOGY UPSET WITH THE INSTITUTIONS OF THE WORLD THEY WERE UPSET WITH BANKS, THEY WERE UPSET WITH CENTRAL BANKS AT THAT POINT, QE2 HAD STARTED AND YOU WERE PRINTING MONEY AND PEOPLE REALLY THOUGHT THERE WOULD BE DEBASEMENT OF FIAT CURRENCY AND THIS WAS A NEW WAY OF CREATING A DIGITAL STORE OF VALUE WHAT I LIKED ABOUT IT AT THAT POINT IS THERE WAS THIS BIG PILE OF PEOPLE THAT WANT TO LIVE OR THE GRID, LIBERTARIANS AND PEOPLE THAT WERE SICK OF THE GOVERNMENT AND THE CHINESE WERE IT WAS A GREAT SPECULATIVE SPECULATIVE INVESTMENT, THIS IS REALLY A REVOLUTION

BITCOIN AND THE ENTIRE CRYPTO SPACE IS ABOUT A GROUP OF PEOPLE SAYING WE CAN REBUILD THE STRUCTURE OF THE WAY BUSINESS IS DONE BETTER SO NOW YOU'VE GOT BITCOIN WHICH IS KIND OF THE FIRST DIGITAL WEB 30 OVER TIME WE WILL REBUILD THE WAY THE INTERNET WORKS JOHN: DOES IT STAY A DIGITAL STORE VALUE OR DOES IT BECOME A FIAT CURRENCY? >> I THINK IT STAYS A DIGITAL STORE VALUE

CURRENCIES NEED TO HAVE STABILITY Bitcoin HAS MOVED 60% THIS YEAR YOU'RE NOT GOING TO BUY THAT SUIT MONDAY AND A DAY LATER SAY IT'S A LOT MORE EXPENSIVE YOU REALLY NEED STABILITY YOU LOOK AT CURRENCIES, FIXED SUPPLY CURRENCIES NEVER WORK

KEEPS GOING UP I LIKE TO THINK OF IT LIKE GOLD GOLD HAS AN $8 TRILLION MARKET CAP BITCOIN HAS ABOUT $120 BILLION MARKET CAP HAS ADOPTION COME AS ALL THE YOUNG PEOPLE GET OLDER AND SAY DIGITAL STORE VALUE MAKES A LOT MORE SENSE THAN CLUNKY OLD GOLD THAT SITS IN A SAFE

JOHN: SO FAR, CRYPTO CURRENCY'S BEEN A RETAIL STORY YOU SAID THE INSTITUTIONAL INVESTOR IS COMING WHICH IS A VERY BULLISH ARGUMENT WHEN DOES THAT MANIFEST ITFL WHEN DOES THAT MANIFEST ITSE WHEN DOES THAT MANIFEST ITSELF WHEN DOES THAT MANIFEST ITSELF? >> THERE ARE FOUR BIG BUCKETS ONE IS CUSTODY YOU ALREADY HAD BACK TWITCHES, SUBSIDIARY OF I

CE, NEW YORK STOCK EXCHANGE JEFF SPRECKER AND HIS TEAM ARE PUTTING OUT A CRYPTO CURRENCY SOLUTION, IT'S AN INDEX — SORRY, AN EXCHANGE, CLEARINGHOUSE AND CUSTODY SOLUTION BUT I'M HEARING IT'S CLOSE

LOSTS LOST LOTS OF CUSTODY SOLUTIONS ARE COMING I BET BY YEAR END, INSTITUTIONALS WILL HAVE NOT JUST ONE BUT TWO OR THREE GOOD CUSTODY SOLUTIONS THEY HAVE HEARD OF TWO INDEXES, WE CAME OUT WITH THE BLOOMBERG GALAXY CRYPTO INDEX THERE ARE A BUNCH OF DIFFERENT INDEXES PEOPLE CAN BENCHMARK THREE IS KIND OF INSTITUTIONAL PLAYERS

THE PRICE WATERHOUSES, THE BANK OF NEW YORKS, THE PLAYERS, CUSTODY AND CASH THAT ARE PART OF THE ECOSYSTEM THAT ARE GETTING INTO THE SPACE I WOULD BET BY THE END OF THE YEAR, THAT FRAMEWORK IS THERE WE ARE ALREADY SEEING INSTITUTIONS LIKE ENDOWMENTS AND PENSION FUNDS MAKE BETS, THEY ARE MAKING BETS IN VENTURE FUNDS THERE WAS A BIG VERY INFLUENTIAL ENDOWMENT THAT MADE A BET IN A JOHN: IT SHOWS HOW SMART YOU ARE AND YOU MADE A LOT OF MONEY OFF OF IT WHAT YOU HAVE DONE WITH THE MONEY SHOWS WHAT A GOOD PERSON YOU ARE

2005 YOU STARTED UP A PROGRAM, BEAT THE STREETS I HAVE BEEN TO VISIT, IT'S ONE OF THE BEST I HAVE SEEN IN THE WORLD AND I HAVE BEEN TO A LOT OF PROGRAMS THAT DEAL WITH AT-RISK YOUTH BECAUSE OF THE PROGRAM YOU STARTED UP, YOU NOW HAVE 150 SCHOOLS, 3200 KIDS IN NEW YORK CITY THAT WOULDN'T HAVE HAD OPPORTUNITY BUT BECAUSE OF WHAT YOU FOUNDED AND YOUR WONDERFUL HAVE 11 PROGRAMS THAT HAVE BEEN SPIN-OFFS FROM BEAT THE STREETS 6,000 KIDS NATIONALLY RIGHT NOW ARE PART OF THIS PROGRAM BECAUSE OF WHAT YOU DID IN 2005 TELL ME ABOUT IT

>> SO LISTEN, I WAS A WRESTLER WRESTLING'S A SPORT THAT TEACHES YOU TO BE TOUGH AND OFTEN OUT OF TOUGHNESS COMES LEADERSHIP AND DISCIPLINE SO WE THOUGHT IF WE COULD TAKE INNER CITY KIDS AND GIVE THEM THE TRAINING, THE EDUCATION THAT WRESTLERS GET, I THOUGHT BACK TO THE AGE OF SPARTANS YOU GO THROUGH SPARTAN TRAINING AND COME OUT TOUGH WE WANTED TO TEACH KIDS NOT TO BE AFRAID TO DO THE RIGHT THING WHEN THEY SEE RIGHT AND WRONG

IT'S HARD TO DO SO WE SET UP THIS PROGRAM TO FUND COACHES AND REALLY, IT'S THE COACHES THAT ARE THE AGENTS OF CHANGE SO IT WASN'T JUST ME THERE'S AN ARMY OF PEOPLE THAT ARE INVOLVED IT WAS MY MONEY MOSTLY TO START AND PEOPLE THAT HAVE JOINED THE TEAM BUT IT REALLY IS CAN WE USE THIS SPORT TO TEACH KIDS LIFE LESSONS AND TOUGHEN THEM UP

AND IT WORKS JOHN: YOU ARE ALSO NOW THE CHAIRMAN OF A COMPANY WITH A WHOLE CADRE OF SPORTS ARE YOU NOT ONLY USING SPORTS BUT HELPING KIDS GET OUT OF A BAD SITUATION BY SPORTS I WAS AT YOUR EVENT AT THE SOUTHSIDE SEAPORT YOU HAD OLYMPIC VERSUS WORLD CHAMPIONS, TONS OF MONEY BEING RAISED

THREE WAYS THEY CAN DONATE OR VOLUNTEER THEIR TIME OR LITERALLY COME OUT AND HELP MENTOR A KID PROXIMITY CHANGES EVERYTHING GO SPEND TIME IN SOME OF THESE SCHOOLS LIKE WAIT A MINUTE, THESE KIDS HAVE SUCH A DISADVANTAGE I HAVE A DAUGHTER WHO IS TEACHING NOW IN THE SOUTH SIDE OF CHICAGO AND THE E-MAILS SHE SENDS HOME EVERY NIGHT ABOUT THE KIDS THAT SHE'S TEACHING AND THE DISADVANTAGES THEY HAVE VERSUS, YOU KNOW, PRIVILEGED KIDS LIKE OURS, SHOCKS YOU

SHE WAS DOING A GO FUND ME YESTERDAY TO RAISE $10,000 BECAUSE THE SCHOOL DOESN'T HAVE SCHOOL SUPPLIES SO IT'S JUST GETTING INVOLVED AT A GRASSROOTS LEVEL JOHN: IT'S ABSOLUTELY INCREDIBLE, LIFE-CHANGING WORK YOU ARE DOING I'M STILL BLOWN AWAY BY WHAT YOU HAVE DONE, BY SEEING YOUR PROGRAM YOU ARE ALSO RESPONSIBLE FOR GETTING WRESTLING BACK INTO THE OLYMPICS, CORRECT? >> I WAS PART OF THE TEAM

IT WAS A BIG TEAM THAT GOT WRESTLING BACK INTO THE OLYMPICS I HAPPENED TO BE ON TV WHEN THAT STORY BROKE, SO I WAS THE FIRST



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