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Billionaire Michael Novogratz: Bitcoin and blockchain technology will turn the banking industry on its head

Former Wall Street mogul, billionaire, and bitcoin investor Michael Novogratz has said that bankers will ultimately lose the fight against cryptocurrencies and blockchain technology. In an interview with Bloomberg, he explained why a lot of bankers have recently been calling bitcoin a bubble. Novogratz claimed that the ongoing crypto-tide is one that’s going to wash over the banking industry sooner or later. Bankers, he says, understand this, and have started criticizing the crypto market amid fears over their industry’s future.

Responding to JPMorgan Chase chief Jamie Dimon’s comment that bitcoin is a fraud, Michael says that “Jamie Dimon gets paid to worry about bitcoin because he’s a rent-taker. The decentralised revolution is about going after the rent-takers. His bank is in the crosshairs of the cryptorevolution. So he’s playing defence. He’s going to lose”.

Michael Novogratz recently launched his own cryptocurrency hedge fund; Galaxy Digital Asset, in which he’s invested 150m USD of his own personal funds. I completely agree with Michael Novogratz that blockchain technology will significantly change the banking industry over the next 10-15 years and it will do so to the benefit of ordinary citizens.


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