The two asset management titans sat down for a discussion at the Crypto Bahamas conference today to discuss how the future could look for Bitcoin and the broader crypto space.
Wood said that Bitcoin had become a bipartisan issue in the U.S., and Novogratz commented on how Galaxy Digital has seen both Democrats and Republicans are starting to become more aware of the need to develop their own crypto strategies.
Wood explained that ARK maintains its lofty target due to Bitcoin’s potential to “usurp 50% of gold’s role,” the disruption it could cause in the global remittances market, and the likelihood of more countries and companies following the likes of El Salvador and Tesla to invest in the asset.
“There’s almost no way we get out of this debt trap without inflating out,” he said, adding that Bitcoin could surge if the U.S.
They initially discussed Elon Musk’s recent Twitter buyout, with Wood stating that she thinks “we’ll see a lot of crypto permeating Twitter.” Novogratz was more skeptical of Musk’s purchase, saying that he would prefer to see decentralized versions of Twitter and Facebook.
Novogratz added that while the future value of the asset class and communities such as Bored Ape Yacht Club is hard to predict, adoption is “only going in one direction.” Wood also said that she thinks Web3 is likely to change the definition of asset management, with activities like lending and staking likely to play a key role in all investment portfolios, including those featuring NFTs.
Wood also indicated that she believes in DeFi by declaring that “the entire financial services sector is going to have some days of reckoning.” Nonetheless, even with the talk of Web3’s potential and a potential seven-figure Bitcoin, both investors were sharing their views on a long-term time horizon.
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