Here’s Why Billionaire Mike Novogratz Says DeFi Will Win In The Long Term!

Here’s Why Billionaire Mike Novogratz Says DeFi Will Win In The Long Term! 

For a long time, Galaxy Digital CEO and known billionaire Mike Novogratz has always been open about his support and bullishness on DeFi technology. 

Recently, Novogratz has continued to backed up his support on DeFi, claiming that it is the better product and will ‘win in the long term’.

Mike Novogratz’ Statements On DeFi

During a recent discussion at the SALT forum in New York earlier this week, Novogratz claims that DeFi will win in the long term due to it’s fundamentally better features.

I always say DeFi is going to win because it’s a better product,” he continues, “t’s composable. It’s transparent. It settles automatically. It’s just a better product, so it’s going to win in the long run. In the short term, there are a lot of people that don’t want it to win.

Related: Bitcoin To Hit $500,000 In 5 Years, Says Billionaire Mike Novogratz

During the SALT forum, Novogratz also made a couple of other statements regarding DeFi and the crypto space, particularly about its current weaknesses which are stopping it from rising to the top at the moment.

Novogratz argued that one of the biggest reasons the crypto market saw such a big downturn recently despite DeFi being a ‘better product’ is due to the lack of regulations.

I remember standing in front of the Ethereum conference in 2016, talking to this group of young crypto builders and saying, ‘Guys, you’ve got to self-regulate or the regulators are going to come.’ And when you look at what happened over the last year, the industry did a horrific job self-regulating.” Novogratz said.

The regulators were in the offices of many of these companies, and they either didn’t have the tools, didn’t have the drive, didn’t have the foresight and so I’m not giving the regulators a pass on this either.” He added.

Past Support For DeFi

Just earlier this year, Mike Novogratz had also made some bold claims in relation to his support and bullishness for DeFi.

During the eMerge 2022 conference, Novogratz claimed that once issues surrounding the confusion of regulations are finally solved, DeFi will ‘finally win’ over TradFi.

He said, “Those things are going to be solved. And once they’re solved, DeFi is going to win because it’s better. It settles atomically, which means it settles that day. So there’s no settlement risk. It’s transparent.” 

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