Bitcoin was a “report on financial supervision”: Mike Novuzratzat

00:00 Speaker a

Galaxy Digital makes her first appearance on the Nasdak Stock Exchange today. Trading under GLXY code. It is an important landmark for Crypto Financial Services. It was previously traded on the Toronto Stock Exchange, and our CEO Mike Novgersat has now joined us. Mike, welcome. What is, I know, a big day, Mike. Therefore, Galaxy Digital begins trading this morning on the Nasdaq Stock Exchange with a direct menu. To start, Mike, I am just curiosity. We lived through what this means for you, Mike, for the company, for the broader industry.

00:46 Mike Facebook

Yes, hear, was an emotional day. It was surprising. I remember 15 years ago when we took a public castle. There was a lot of joy, chanting and high wine, and we started doing something very difficult and doing it. Ah, I partially think because of my age, uh, partly because of the difficulty of encryption, as you know, often, I mean, in 2018, there was 96 %, 97 % decreased from high to low. I mean, I mean, as you know, I have never heard about the fall of 96 %. Uh, 2022, we had all the scandals and another huge fall. Thus, oh, for my team, for my partners, our investors, as you know, to come out through thick and delicate. I just felt, so I felt one part of it, as you know, you see the finish line. But when I really thought about it, all we built for it was this institutional moment here, and this is the starting line. Mother, as you know, we have two great companies now. We have a data center, a company for the artificial intelligence data center, most of which are in Texas, UH, which I think will be the largest data center in America by 2029, UM, 2030. It will go beyond that. Thus, this was fun. It was a great axis, ah, from Bitcoin Mining, and will give a lot of the value of shareholders. After that, we have coded works literally designed at the moment when institutions want to join. We will be regular, we will implement legislation on Monday due to the stable coins in the capital, I am proud, Ah, members of the Senate on both sides, especially the Democratic Senate members because, as you know, they had a maximum left wing they wandered and did not want to do so. And, as you know, to obtain any legislation from the two parties at the present time, at the moment of the full division in the country, uh, is it a testimony to both, as you know, members of the Senate on the right and the left, right? This, as you know, Senator Warner, uh, Jesus, uh, you know, you, run, the campaign on the democratic side, and, ah, Tim Scott, but mostly, uh, my immigration, ah, from Tennessee, who really paid this thing. Uh, it’s wonderful. Thus, as you know, suddenly, a four -year cherbage industry has a seat, a SEC chair, UH, which is Pro Crypto, the entire infrastructure from OCC to CFDC is Pro Crypto. They embrace us instead of chasing after us, uh, and their prosecution. Uh, and now we get legislation. Thus, as you know, it is a huge background wind wind, not only for Galaxy, but the entire industry, but we plan to benefit from it.

06:26 Speaker a

So, Mike, I am curious, given two parts of business, as I indicated there, UH, Crypto and AI Center, who are you thinking, Mike, your competitors here?

06:41 Mike Facebook

I think somewhat we are alone in this regard. Uh, listen, there are other encryption companies that do a great job, and we believe that we will compete face to face with them. UM, there are data center companies, and there are other encryption companies that have Amnesty International, but no one does both under the same ceiling. Thus, you think about us as a holding company with two companies that have some synergy between them. Both growth companies. Uh, getting Nasdak and reaching the deepest capital market is an essential part of our success. So we are happy, we are happy to be here. Oh, but yes, I do not see, as you know, there, there is no other company you do both the scale.

07:56 Speaker a

Mike, I, I also have a broader question for you. As you know, you think about the Gold market cover. It is almost, let’s call it 22 trillion. Do you think one day, Mike,

08:20 Mike Facebook

Yes.

08:21 Speaker a

Can bitcoin be half of that? Yes. You are moving away from me. But if the answer is yes, here is my next question. If the answer is yes, if Bitcoin can one day half that, let’s say, what is dependent on it, Mike? Is this, do you get there through the current momentum only? Does this depend on some organizational changes? You walk through it.

08:54 Mike Facebook

So when I bought Bitcoin in 100, uh, as you know, I spoke at a conference. I didn’t know that the press was there, and they were the following, you know, I was on the FT cover. After that, I was repeatedly asked to come about this crazy invention, digital money, or, as you know, a strange dream, dreaming about a group of CypherPUNKS. Uh, and I started telling the story and trying to persuade people why this is logical. There were many other storytelling narrators. In Bitcoin, we call it orange contraceptive pills. Ah, when Larry Fink got orange players, when one of the skeptics became a prophet, uh, and it happened that he was the CEO of the largest asset management company in the world, it was the turning point. And why Bitcoin will grow is adoption. You know, because more and more people are in the tent and say, this is a valuable store for me, right? It is not the technology that makes it a valuable store. It is the social structure that I think has received value. Larry believes that she has value. Many people think it has value. So it has a value. And you see that, right? I was in the Middle East, one of the large sovereign wealth boxes, and after Donald Trump gave his big speech in Nashville, in Bitcoin Nashville, he told me that he would enter us. Mother, this happens every day. Thus, the snowball was raised on the hill and is now rolling down and picking up the speed. This is all. We will be bigger like gold one day. If you are thinking about it, young people love bitcoin, right? Warren Buffett does not like it. Charlie Monger hated. As you know, the elderly did not hesitate to resonate with them. But the elderly die, rest in peace, Charlie. This money is transferred to young generations. Thus there will be a natural shift where the largest concentration of wealth is transferred and children’s children are transferred.

12:35 Speaker a

This is the bull issue, Mike. I am also curious to get your opinion, as you know, I’m an investor, I listen to this, and I think Mike is achieving great points. What risks should I think, too? I actually looked at bitcoin volatility, actually looked a kind of relatively tame if you compare it to one ETF classification to take advantage of the stocks. Is fluctuation is the risks, or, or how can you through these possibilities?

13:14 Mike Facebook

Well, hear, I mean, from the paradoxes, what will lead to whether the United States government will collect its behavior together and Scott Bison’s dream by 3 % and 3 % of the deficit. If our deficit moves from seven to three instead of seven to eight, if our debt has moved from 35 trillion and started returning to 25 trillion, you will not need Bitcoin. You will not need to be long gold. Oh, this does not mean that it will be disrupted at that point because there is still adoption, and there are other countries that escape from heck. But Bitcoin has always been a report on financial supervision. And you know, as much as Scott wants a 3 % deficit, uh, you look at this, the tax bill for this next, you look at the customs tariff, as you know, adding a trillion dollars to the army. It just does not add up. As an American, I pray to God to face a rational financial and critical policy. Or, but I do not think this will happen. It is not because of not trying. It is really complicated.

14:59 Speaker a

So not because of not trying. So, in other words, Mike, if I can bend debts to GDP in a way that was not very frightening, it will be dangerous. But it seems that you raise the issue that this is very difficult politically.

15:17 Mike Facebook

As you know, we have populism on the left and popular on the right. Oh, most of us in Wall Street, will die for the head of the middle, right? We also did not have one. We thought that Biden would be one. And he reached the right to the left. Uh, and so yes, if you start religion for the gross domestic product in returning to double numbers, then my story for Bitcoin will be much less exciting. Once again, I don’t think that is collapsing because of adoption, but I would have become a long gold if I knew the debts to the gross domestic product would be 95 in three years, I would have become a long gold. I will not be a long digital gold. I just don’t believe it.

16:48 Speaker a

Mike, I mentioned that the adoption curve. I want to ask you a different question, which is, or, to return to politics. The Trump family moved in this space, in encryption projects. Is this, Mike, does it help in adopting encryption? Does the dependence of the encryption harm? Is not? You walk through it.

17:19 Mike Facebook

Yes, listen, to be clear, the Trump administration was not good for encryption in terms of organization. Now we will see the legislative agenda. The other was terrible. I am democratic. Or, what you said, as you know, is, as you know, that Trump’s children are entitled to participate in encryption, and they are excited about that. And as long as they remained in the law, they must have the same right like anyone else. If they break the law, uh, just as if you were breaking the law, they should be in trouble. I think he gave the far left, Elizabeth Warren and her companions, an excuse to say corruption, they do not feel satisfied, and he has never been unparalleled in the set of stable currency law. Because, as you know, politics is politics. For this reason, I am very proud of the members of the Senate, uh, in the center that kept this thing together. Because, listen, it’s a good political point of discussion. Uh, as you know, the currency does not feel the right president of the president for one version. Ah, this is completely different from the creation of his children, as you know, encryption work, ah, when you had Trump and Melania, it was really difficult to say it is a great feeling. Or, and so, listen, with President Trump, as you know, what we all learned is that it is a different type of president. You should take good with bad. Uh, you don’t have to take it. You don’t have to vote for him. But this is what you will get. And,, and Net Net, I think this administration was great for encryption. Oh, do I hope we have Trump and Melania currency? Yes, I do. Oh, but, as you know, we will live with him.

19:57 Speaker a

Mike, thank you again for your time. We appreciate, sir.

20:03 Mike Facebook

Thank you very much.