'It opens up a new universe': Mike Novogratz on the significance of Paul Tudor Jones' bullish bitcoin take

Episode 17 of Season 2 of The Scoop was recorded remotely with Frank Chaparro along with Galaxy Digital CEO Mike Novogratz.

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Unless you were hiding under a rock on Thursday, you would have seen the letter by macro investor Paul Tudor Jones that outlines his case for owning bitcoin as a hedge against central bank money printing. 

In the letter – titled The Great Monetary Inflation – Jones dropped the bombshell update that Tudor Investment Corp could allocate a percentage of its assets to bitcoin futures. Although Jones doesn't subscribe to owning bitcoin "in isolation" or view himself as a "crypto nut," the coin community propelled into euphoria at the sight of one of the most respected fund managers giving the burgeoning asset a stamp of approval. 

Galaxy Digital's Mike Novogratz – having once sat in a similar seat to Jones as a macro investor – joined The Scoop's Frank Chaparro and discussed the significance of Jones' letter. This latest episode also digs into:

RELATED INDICES

  • The macro investor's toolbox: Why it doesn't matter that Jones might allocate to futures rather than spot bitcoin
  • More funds on the sidelines: Novogratz says many major fund managers he knows own bitcoin in their personal accounts but say it's too difficult to buy through their funds
  • Update on Galaxy: How the firm revamped its playbook to take advantage of the new environment and why subscriptions for the asset management business have increased
  • The macro picture: Why inflation could follow a period of deflation
  • The dollar: Why Novogratz thinks the chances of China taking on dollar hegemony is at an all-time high
  • Halving: How it’s fueling bitcoin’s bullish narrative and where bitcoin’s price is going after it happens

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About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].