Novogratz: Melt-Up Ahead? Crypto, AI & Rate Cuts

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Raoul Pal sits down with long-time fan favorite Mike Novogratz, CEO of Galaxy Digital, to discuss the strange macro backdrop of strong growth, rising debt, and political chaos as the U.S. moves toward easier monetary policy — creating what he sees as the setup for a major risk-asset melt-up. He also reveals how Galaxy Digital is evolving from crypto finance into AI-driven infrastructure and tokenization, arguing that regulation, DeFi, and institutional adoption will unleash the next phase of the digital-asset revolution. Recorded on October 7, 2025.

⚪ Follow Mike Novogratz on X: @novogratz

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Timestamps:
0:00 – Sponsors
2:05 – Welcome to the Journey Man
3:33 – Guest intro & opening macro discussion
3:45 – Macro: current economy, Fed, curves, rates, risk, consensus, equities & crypto outlook
10:18 – Crypto vs equities: volatility, supply side
12:25 – Crypto narratives, regulation, tokenization, SEC & commodity/security discussion
16:57 – DeFi regulation, sandbox approach, structural issues, enforcement timing
21:37 – Shift to Galaxy: company overview & latest updates
22:24 – Galaxy's infrastructure pivot: data centers, power, AI, partnerships
25:05 – Data halls, cash flow, construction risks & expansion concerns
28:00 – Grid approvals, site advantages, transition from crypto to infrastructure
29:28 – Blockchain complexity, brand trust, liquidity, institutional strategy
32:00 – Partnerships (Jump, Solana), Galaxy 1 retail product
34:08 – Vision: on‑chain credit, tokenizing assets, infrastructure
35:11 – TradeFi integration, custodians, semi-liquid assets, bots & AI in price discovery
37:49 – Tokenization of real estate & big-name assets (e.g. SpaceX)
39:47 – AI assistant, tokenizing buildings, TradFi infiltration
41:30 – Asset management: divisions, growth, credit, derivatives
45:02 – Crypto vs TradFi risk tolerance, derivatives market, client focus
47:36 – What’s ahead for Galaxy, ETH trade reflections, crypto cycles
50:03 – Riding crypto trends & momentum
51:02 – Outro: vision, convergence, future outlook
51:48 – Final words / call to action

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