Galaxy Investment Partners CEO Mike Novogratz said today that bitcoin (quotation BTC) should be a human right for people to keep the fruits of their labor. The executive's words resounded at the Miami Beach Convention Center in Florida, where the Bitcoin Conference 2022, one of the most important events in the cryptocurrency industry, is being held.
Novogratz was joined by popular influencer Anthony Pompliano on the opening day of the event, when the executive presented an overview of the impact bitcoin is having on humanity. In his opinion, the level of adoption of the crypto-asset is reaching a tipping point, which is understandable because now institutions, hedge funds and more and more people around the world are acquiring it.
I look at Russia or Turkey where there has been horrible management of the financial economy and the use of bitcoin is going up. It's true, you know, people want to have that gift of God which should be a human right to keep the fruits of labor. Bitcoin is a really cool way to store what you collect with your work.
Mike Novogratz with Anthony Pompliano at the Bitcoin Conference 2022
For the founder of the cryptocurrency bank Galaxy Digital, bitcoin is now a state of 140 million people. In this way he was referring to the number of users around the world who have some bitcoin in their possession. For him, at the moment it can be said that the ecosystem has an economy that positions it as the eighth largest country on the planet. "And it will continue to grow without anyone forcing them to use it," he added.
When asked by Pompliano, what is the currently prevalent narrative in the bitcoin environment? Novogratz did not hesitate to reply that long-term storage is the order of the day in the eighth strongest economy in the world. This is very different from the prevailing message on the rest of the planet, where no one will hold more dollars in cash under their mattress or deposit $ 10 billion in a bank account, the panelist said.
It is from bitcoin that the collapse of confidence began. Thanks to bitcoin people are now saying: I don't trust authority, I don't trust the bank, I don't trust the government. And since bitcoin has been with us, we have been in a trust bear market. To realize this, just surf the internet and watch the cable news. The dollar is no longer a risk-free asset and is not trusted by the people.
Mike Novogratz with Anthony Pompliano at the Bitcoin Conference 2022
However, Novogratz warns that the community's narrative, which revolves around bitcoin, is not that the pioneering cryptocurrency is about to replace the dollar, nor the message of using BTC to buy luxury shoes. "What they are really talking about is taking a piece of their wealth and preserving it and holding it with an asset that is still related to NASDAQ (the second largest market and stock exchange in the United States)," he explained.
