$OUTRIVE
Fading QuicklySnapshot Window: 2026-07-19 15:00 UTC · ← Back to Crypto Overview
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CRYPTO’S BIGGEST PROBLEM RIGHT NOW IS ATTENTION Mike Novogratz says the speculative frenzy that once drove crypto valuations has shifted into sports betting, same-day options and hot stocks. “Young kids that used to buy Solana” are now chasing the next trade elsewhere. But [Spoken audio]: you build community around a story, that community was fiscally incented to bring more people in their community actually to drive the price of your token up. And man, they don't want to give up because they're like religions. And so screw with the XRP army and there's hell to pay. It's really interesting to hear you say that because I mean, you're describing this dynamic where it was this, as you say, speculative gambling mania that really drove this bull market. But it's interesting to hear that coming from you because that has long been the largest criticism of crypto. That some have said that there's something else. It's not just speculation. It's not just gambling. There's something more inherent to it. And it's usually been the crypto bears who say kind of what you're saying, which is it's a lot of leveraged gambling. That's what drove the valuations to them. Listen, there is a technology that is being used. I mean, I'm literally doing deals with five or six, hopefully a big traditional institutions to help build infrastructure, right? You're gonna see that crypto infrastructure, automatic settlement, being able to transfer value over the internet, used all over the place. Again, overseas crypto is a lot more important than is in the US. We have great financial services here. And the other thing that's happened is we've got sports betting and same day options. And so, and now betting on Korean stocks, right? Every young kid that used to buy Solana is buying Heineck's or some memory company. And so a lot of the oxygen of that speculative frenzy shifted. And just like in macro, you saw it, there was a gold and silver bubble it popped, right? That was the top, that's what tops look like. Crypto had that same topping pattern. It doesn't mean these things go back to zero. I think Bitcoin probably holds 60,000. And if the Clarity Act passes, it's probably a 60-40 that it does. We head up a little bit higher. There's too many people that have bought into the Bitcoin story as its own store of value for it to go away. But someone asked me what crypto was like this year. I was like, MEH, meh, meh. You know, people just aren't as excited about it because there's other things to be excited about.