"Sold coins for a private jet in 2017, this year I'm deciding to be a Hodler," Galaxy founder says this bull market is different from before.

During an interview in early November, Galaxy Digital founder Mike Novogratz discussed many key issues regarding cryptocurrency. The first article has been translated and organized, detailing the story of how Mike Novogratz got started with Bitcoin, while the second article focuses on the "Bitcoin investment thesis."

This Year's Bull Market is Different

Mike Novogratz invested heavily in Ethereum when it was less than a dollar. He mentioned that he sold Ethereum at $350 in 2017 and bought himself the most expensive private jet. Novogratz admitted that he has always been a "trading junkie," buying low and selling high, taking profits quickly. However, after experiencing a major crash this year, he purchased a significant amount of claims from creditors of Mt. Gox, as it was a good way to buy cheap bitcoins.

He stated that he has become a "Hodler" this year, even though he jokingly mentioned that he used to think it was a stupid term. But this year, at least for Bitcoin, he is no longer a "Trader"; he hopes to buy more bitcoins. The main reason is that Mike Novogratz believes there has been a structural change. For instance, at Galaxy Digital, they have received speaking invitations from banks, insurance companies, high-net-worth individuals, and hedge funds this year, indicating a growing interest in Bitcoin. The host also chimed in, saying that he has been receiving calls from high-net-worth individuals recently, asking, "Normally, I wouldn't buy Bitcoin, but this year feels different."

Novogratz further explained that part of the reason things are different this year is, of course, due to some FOMO, the fear of missing out, but mostly because of the "treacherous macroeconomic environment." He mentioned that he has been an investor from the age of 24 to now 55, and throughout his career, central banks have always maintained independence without interference from the finance or economic departments, but this year is different.

This has caused panic for many, including Paul Jones, Stanley Druckenmiller, and prominent investor Raoul Pal, who believes that the U.S. may enter a negative interest rate era.

The Dollar Won't Become Worthless, and There Won't Be a CBDC

During the interview, the host expressed concerns about the unlimited printing of money in the U.S., which could devalue the dollar. This is also the image most people have in mind for Bitcoin becoming a hedge asset against the dollar. The host further suggested that the creation of Central Bank Digital Currencies (CBDC) is to facilitate better control of monetary policy.

However, Novogratz clearly disagrees with this view. He believes that the dollar won't become worthless, and there won't be a situation where the central bank issues a digital dollar because the U.S. has too many talents and means to suppress inflation.

He thinks that a digital dollar is for a more democratized financial system and more efficient currency. The U.S. approach will be to establish rules that allow private enterprises to issue different digital dollars. For example, stablecoins like Circle's USDC will become more prevalent and will be a good business.

Mike Novogratz stated that money is political, but Bitcoin is not. He believes Bitcoin will not become a currency because it is more like a savings account, not suitable for daily transactions, and it is already a complete product.