Novogratz: ‘I Didn’t Think XRP Would Last’

During a recent conversation with podcaster Kyle Chasse, Galaxy Digital CEO Mike Novogratz admitted that he did not think that XRP would survive the SEC lawsuit. 

“XRP has one of the strongest communities there is,” Novogratz said. 

The Galaxy CEO has praised Ripple CEO Brad Garlinghouse for successfully navigating lawsuits and keeping the community intact.  

Cult-like crypto communities 

Novogratz has recalled that he used to dismiss XRP due to its cultish following. However, he then came to realize that this is half of what crypto essentially is. 

“After 2008, people did not trust governments…We have so little trust that we are finding trust in these online crypto communities,” Novogratz noted. 

He has added that all cryptocurrencies that have become successful are supported by cult-like communities. 

This sets crypto apart from the equities market, given that individual stocks rarely have such passionate followers behind them (except for rather rare examples like Tesla).

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Novogratz recalls that he has one employee who essentially sees Bitcoin as his entire life purpose. 

“Who am I to judge”? 

In fact, Novogratz thinks that XRP is the best token one could have bought after November 2024 based on its impressive performance. “Who would have ever guessed that?” Novogratz added. 

He has also observed that the token is never too expensive for the XRP community, which is rather unusual for the stock market. 

Even though Novogratz used to be skeptical about XRP due to its perceived lack of decentralization, he has since adopted a different view.

“Who am I to judge where people want to store their money?” Novogratz commented.