This has been the people's revolution quote by"Micheal Novogratz of Galaxy Digital,we have never had a market mania led by retail before"The move of institutional investors into crypto currency following last years dramatic boom in price marvelled him,he saod as he started is remarks by mentioning his companys own big recent development, the launch of the bloomberg Gallaxy crypto index,which tracks the most liquid assets trading on blockchains.
"I'm hoping yesterday marks the beginning of the institutionalization of crypto as an asset class ," Novogratz said,because"big problems need big capital".He emphasized that crypto's big impact will happen at the street level,where regular people do things like rent rooms,ride cars and pay each other to do work.
"The decentralized revolution is going to have its biggest impact in the retail sense but to get there it will take the investment power of big institutions.
There are three superhighwaya that all of u need to follow," he said
First,computer science,where he cited two immediate technical challenges,scaling and the proper balance between speed and security
We have a bet on EOS because i think people like speed and convenience.we also have a bet on ethereum,"because it has the most developers,he said,"my intuition is:we don't need 100block chains"rather the problems of balancing security and network scaling will get solved.
Secondly,he pointed to token economics,saying:it's the coins that are exciting".
Novogratz stated that investors havn"t thought deeply enough about new coins.
Typicaaly,it's argued that if a protocol doesn't give reason for buyers and sellers to hold onto a token,its value will drop to zero.Novogratz doesn't believe that's quite right though.
Argureably,for example,a decentralized ridesharing protocol,alot of riders and drivers will both hold onto a small amount of token as a speculative investment.
"The token is a future on how many rides a token can get,'he said,As the protocol grows ,it will take less of a token to buy a ride and the value of coins will grow ." Even though that's speculating on the future, it feels a lot like equity".
Lastly,"the institution herd is on the move ,"he said ,adding we need custody to hit the tipping point.
"There are three superhighways and the trucks are moving on all three superhighways"," he told the crowd ,concluding:
"I'm more bullish this year than i was last year"