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Billionaire Mike Novogratz Says DeFi Is ‘The Better Product’ That Will Win Long Term

Billionaire Mike Novogratz Says DeFi Is ‘The Better Product’ That Will Win Long Term

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Galaxy Digital CEO Mike Novogratz predicts that decentralized finance (DeFi) in the crypto space will eventually come out on top.

Speaking at the SALT forum in New York, the billionaire says that DeFi is poised to win in the long term thanks to its solid fundamentals.

“I always said that DeFi will win because it’s a better product. It is composable. It is transparent. It will set automatically. It’s just a better product, so [its] win in the long run. In the short term, a lot of people don’t want it to win.”

The CEO also says that the industry’s challenge is still to create appropriate regulatory standards that could prevent the sharp market downturn that occurred this year.

“I remember standing in front of the Ethereum conference in 2016, talking to this group of young crypto builders and saying, ‘Guys, you have to regulate yourselves or the regulators will come.’

And when you look at what happened last year, the industry did a terrible job of self-regulation. Companies like Celsius used monstrous leverage, took consumer deposits, overnight deposits, and lent them for three, four, five years with an asset-liability mismatch that no sane man would handle.

And I don’t just want to share [Celsius]. There are 15 such companies. If it wasn’t illegal, it was stupid…

The regulators were in the offices of a lot of these companies and they either didn’t have the tools, the traction, the foresight, so I don’t give the regulators permission to do this either. “

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