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Hello this is Matt on the moon Lambo Channel and something has happened that I wasn't convinced would necessarily Ever happen but it has billionaire Mike Novogratz who runs the Galaxy digital Fund in the world of crypto um I mean He's he's been around for a long long Time in the world of crypto uh he has Come around on xrp and admitted that he Was dead wrong about xrp now since Before I jumped into crypto over six Years ago he has not liked xrp he just Hasn't gotten it he's thought that it Was just going to do just horrendously And he's been saying that yet it's still Here it's number five out of over 20,000 Cryptocurrencies by market cap it's Number five and he he just thought that It was going to do horrendously and Probably fall the top 10 uh he didn't Understand it in terms of utility uh he Just he just you didn't get and then you Know Ripple holding a bunch of xrp like Why bother what's going on here but he Has come around and acknowledged that he Was dead wrong I'm going to share with You exactly what he had to say and you Know one of the things that he said also He acknowledged that xrp itself a use Case is as a store of value he seated The finally that's yes that is one of The things it does a lot of stuff There's lots of use cases xrp is oozing With utility but it's just nice to hear
It from him because he has just been Crapping all X all over xrp for the Longest damn Time and it's interesting because he's Got such a big fun like his his fun Galaxy digital they had at the end of October I looked this up before Recording $4.6 billion in assets under Management it's it's it's something and It's A before going further I do want to be Clear I do not have a financial Background of any kind I am not offering Financial advice and you definitely Should not buy or sell anything because Of anything I say or right I'm just an Enthusiast who enjoy making YouTube Videos about crypto related topics but Just as a hobby in just for fun all Right so why did this all occur where How did this come to be well Ral Paul Was on I'm sorry uh rather Mike noats Was on Ral Paul's uh YouTube channel and When he also post this on his his uh Real Vision platform and they had a Conversation and it went for about an Hour I actually uh listened to it while I was on an exercise bike at the gym and Um it was fascinating the whole thing is Worth listening to but obviously the Part I was most interested in uh had to Do specifically with uh with with xrp And what he had to say about Ripple as Well here um now Ral Paul Ral Paul is
Actually Pro xrp and just as a little Reminder here you can see this this is a Headline from September 25th 2021 you Know um you know not quite a year after The SEC sued Ripple uh here's the Headline though xrp has great risk Reward ratio with 10x price rise likely Macro Guru Ral Paul so there's Ral pal Former Goldman Sachs executive um and Xrp at the time that he said this was Worth a about a buck and his expectation Is that at some point in the future you Know xrp may 10x from that point which Would be $10 so he's certainly Pro xrp And he took a lot of crap from many of His followers because there are a lot of Toxic Bitcoin maximalists out there and A lot of them um follow him because he's A not because there's something wrong With r Paul but I'm just saying he's a Very popular fig figure so not Surprisingly with him being pro crypto And pro Bitcoin not surprisingly uh There are some who were absolutely Furious with them even considering that There might a reason to purchase xrp uh But he acknowledged that and um and it's Obviously right so far as I'm concerned But then there's then there's Mike novag Grats look at this this is just so can Get a feel for this is why this is so You know I was so surprised to see this Because again he just was so stubborn For years on end and so I'm just kind of
Setting the table here so you can see Exactly why I'm so surprised by this uh Here's a headline from February 5th of 2020 before the secv Ripple lawsuit from Coindesk Galaxy's novag grats xrp will Underperform immensely again this year Now that was interesting because at the Time that uh didn't make a whole lot of Sense to say and in fact Ripple CEO Brad Garian house had something to say about That he shared the coindesk article on Social media platform X and he wrote The Following to set the record straight and To rip on Mike novr just a little bit And I remember covering this at the time He wrote uh is this thing on can I get a Fact check on Isle coindesk xrp has Outperformed Bitcoin and the broader Crypto Market in 2020 xrp is up 44% 19.1 cents to 27.5 C POS how many of You out there would love to purchase That that level again see just I'm Telling you like this is just how it Works in investing I know we haven't had The new alltime high yet but either you Have conviction or you don't and if this Thing's going to go which I firmly Believe it will and ultimately had a new Alltime high price Discovery it's like Either you have exposure at the moment Or you don't and I bought when it was Much cheaper so when this thing goes I've got my my exposure uh my average Buy price about 25 cents ready to go
Here but it's just it's taking longer Than we expected but I do blame the SEC For that but anyway so he says xrp is up 44% 19.1 cents to 27.5 cents versus Bitcoin's 33% $7,100 to $9,500 so far This year wouldn't mind buying Bitcoin At those price either honestly I mean Look at what has unfolded since right It's just it's so funny looking at these Time Capsule posts from back in the day It doesn't like when you say 2020 it Doesn't sound that long ago but once I'm Reading the content on the message I'm Like yeah that was a long time ago Lots Happened between then and now right it's Been almost four years actually um and Then there was this so speaking speaking Of Mike no forrat his judgment here um Here's a picture of his tattoo his Luna Tattoo you may recall that that uh Luna Cratered ultimately in it was May of 2021 setting off the uh you know the Crypto Financial Cascade if you will uh That culminated at the bottom with the Implosion of FTX because it was an Outright Ponzi scheme but there's a lot Of things that happened before that all Sorts of stuff set off he was confident That Luna which went basically to zero At the time though I understand there Was a bit of a resurgent recently but Then again like ftxs ftt token had a Resurgence recently so people put money Into anything even if it's stupid but it
Basically went to zero so he got a Tattoo of that on his arm meanwhile he Couldn't sniff out a freaking use case For xrp that is fascinating he really Thought that it just didn't have utility It didn't make sense and that it Wouldn't last but he acknowledged see This and this is good I am glad I Appreciate that he's looking Inward and This is something that I I've said Before and it's like you should apply This to life just in general if enough Time passes and you see that something Is in a way that you think logically Makes sense look in word do more Analysis to find out what you got wrong And it seems that's what he's done here To his credit to this point here but I Want to highlight all this stuff because Some of the Judgment here hasn't made so Much damn sense just saying Here so Anyway to what he said today billionaire Bitcoin investor Mike nagrat says xrp Army is real billionaire Pro Bitcoin Investor Mike novogratz has expressed His Newfound appreciation for xrp and Ripple in a recent podcast novogratz Revealed that he in doubted xrp's Longevity in the crypto scene per his Admission the mistrust was due to Ripple's significant ownership stake in Xrp however he has now commended the xrp Community for their dedication to the
Xrp project now I actually went ahead And sub transcribed the pertinent Portion here which I shall read to you Now and this is just glorious I I wasn't Confident that I'd ever hear anything Like this from Mike noats but hey to Anybody that's going to admit the truth And come around and and admit that yes Yes xrp actually does make sense and it Has utility props where it's due but I Wanted to highlight all the stuff where He was negative towards it just so you Could understand why I was a bit Surprised and then it's it's that much More meaningful once you understand the Full context anyway but here's what he Said and I Quote I think it's interesting we got a Little bit religious on how we thought About these systems and in reality They're all communities they're store of Value that communities seem to care About out like I was skeptical that xrp Would have lasting power because Ripple The company owns 60% of them now 55 or 50% and I was like that just doesn't Seem like a proposition that's going to Work and I've been dead wrong so let's Pause right there he I've got more quote From him but let me pause right there And I do appreciate that he was he Absolutely was dead wrong and it Shouldn't have take him this long to Figure it out I think but hey he got
There he got he's gotten here in the end He's dead wrong Um and I saw this in 2017 like I got it in 2017 I jumped it's The first altcoin that I ever purchased Xrp is that wasn't listed on coinbase I Bought it one week after I jumped into Crypto still had a ton to learn but I Thought hey it looks like there's Probably something to this so I just I Made my initial purchase then kept Researching and then bought more and More more Ultimately um but I understood how much Xrp Ripple had at the time and it was a Lot more back then than it is now but I Understood that that meant that Ripple Is the most Incentivized to care about the health of The xrp ecosystem this is not rocket Science right and So to this point six years later me Having that point of view is Justified Him having the opposing Viewpoint even He seeds is not Justified and eventually Ripple's going To hold almost no xrp eventually it'll All be out in the ecosystem just about All of it and if that makes Ripple Filthy Rich more so than they already Are cool I don't give a damn this is not A zero sum game it is not there's There's plenty of room for all of us to Make a boatload of money
Right uh but yeah it was silly to think That and then on top of that all of the Utility because he was denying utility Even what is it even Doing I just it doesn't make a damn bit Of sense he couldn't understand that There are people that didn't think that Ripple was going to sell or even if they Were going to sell like once it's done It's done anyway and then xrp still has Its utility if it's useful it's useful Right it's not like it one use case and It's just with ripple like that's stupid And doesn't make sense it's it's it's Distributed Ledger technology it's a Decentralized cryptocurrency duh it's Like to just think that uh like that was So there was that and then what like People people didn't like what what did He think people were doing we were Buying because of the Ecosystem how I was just amazed he Didn't get this and then the rest of his Quote is as follows hats off to Brad Garing house and his team Ripple is now An institution the xrp Army is real they Care about their ecosystem and their Coin and you know yes it's got a use Case but broadly the use case is the Same as Bitcoin it's another place for People to store value and there you go You know there are the toxic Bitcoin Maximalists out there say no only Bitcoin is a store value because they
Say stupid things let's be real those Dumb asses say a lot of stupid things The toxic toxic Bitcoin maximalist No and I've talk I don't want to go too Far out into the the weeds in this Particular video but I've broken down This topic and shared my individual Thoughts on this it's a store of value Of people are using that as a store of Value like there's there's not some like A single entity that gets to decide Exactly what qualifies as a store of Value xrp you know on the whole has been Trended up in price the whole time it's Existed and yes there wasn't the blowoff Top because of the SEC but but even if even at that even if It's not literally because nothing goes Straight up 100% of the time like stocks Don't either like you can you can use You can use all sorts of stuff as a Story value even gold gold has been down Dramatically even over the last 10 15 Years I have to pull a chart to I could Trade some specifics I just it just poed My head around but it's true for gold so It's gold a store value if it goes down Like over 30% or what like or is it just Not is it the volatility that makes and So it's just a ridiculous concept that Other that first of all that crypto Couldn't be or specifically that it only Applies to bitcoin if it is that's Stupid that makes no damn sense all up
In this it just doesn't and I even Put out a poll a while back asking are You using xrp as a store of value and it Was overwhelming yes I I it was Something I the question was something To the effect of is store value at least One of the reasons that you hold xrp Which means it and it didn't have to be The most important but but was it a Reason that you hold xrp overwhelmingly The answer is yes it's the same as for Me and a store value doesn't mean that It just stays stable and doesn't Increase or decrease in price you know Ideally the concept is that it at least Retains its value if doesn't go if you Know ideally goes up that that would be Ideal and so you can you know you can Talk to the people who bought xrp at 10 Cents in March of 2020 do they think It's been a pretty good store of value Now that it's over 60 cents yeah Probably right you know I bought it as Low as 15 cents I think it's been pretty Damn good store of value for me my Average buy was 25 cents feel pretty Good about this still not thrill with What the SEC did because that slowed Things down a bit fine but still Obviously it's a freaking store of value But there's so much more to it than that All of the use cases out there and you Just couldn't sniff him out and he Thought that Luna was fantastic but he
Couldn't find the use cases for xrp but Now he seems to get It and you know the the other there is One thing actually I'll mention that I Found a bit alarming he was talking About reasons that he thought that the Market might get hot you know moving up Um and those are my words not at his at Least I don't think he worded like that But in 20 24 specifically and one of the Reasons that he cited that he thought The market might get hot is because the FED is probably going to engage in rate Cuts and I just I oh my God I I just I Was like Dro My Jaws I was on my Exercise Bike burning them cows I just I I Couldn't believe what I was hearing here That is not what you should expect you Data shows that when the when the FED Starts cutting rates it's in response to To to metrics that they're watching that Show that the economy is slowing and so They cut rates to encourage more Borrowing which should spur more Economic Activity that so when that happens you Can see it on charts I've seen it this Is why I appreciate the analysts out There because this isn't something I was Going to research on my own but there Have been multiple analysts that have Pointed this out including the Blockchain backer for example who have
Shown you on an actual charts that uh You know once the FED starts cutting Rates it's basically the beginning of The the end for that moment in time and Then things crash and it's not because They cut rates because that's supposed To help the economy it's because they're Being reactionary in cutting the rates That's why that's It so he thought that that was going to Be a good thing and I'm sitting like you Are a billionaire you run a fund in Crypto that's worth $4.6 billion doll And you don't know this but somehow I do I'm not running a fund I'm not a chart Guy isn't this something like why I was just I was taken aback let's just Say that so I don't know how all this Has happened but he has a monstrous fund And people respect and Trust his Perspective I guess that's all I have to Say I don't know I don't know in this Video honestly it's like it is what it Is I mean I'm I'm happy that he's come Around and acknowledged all this but It's just some of the stuff here like The the Judgment I still question the Judgment that he is out there is it a Bad sign that now thinks xrp makes sense No I'm kidding he's not like Jim Kramer It's not like the inverse Kramer thing Like he's not he's not like that at Least but still man wouldn't the ever Love you H so there we are I'm not a
Financial advisor you should not buy Yourself anything because of anything I Say or right that would be a very very Very bad idea until next time to the Moon Lambo
