In a wide-ranging discussion on Episode 76 of the Infinite Jungle podcast, Galaxy CEO Mike Novogratz offered candid reflections on his past skepticism of several crypto ecosystems—including XRP and Cardano—and shared his evolving outlook on Ethereum’s role in the future of decentralized finance. The conversation, hosted by Christine Kim (a researcher at Galaxy), delved into how narratives, communities, and emerging use cases can drive value across the crypto space.
“I Was Wrong” On Cardano And XRP
Novogratz openly acknowledged that he once believed certain blockchain projects would “go away” but has since revised that view. He singled out Cardano and XRP, noting that both have been sustained by dedicated, enthusiastic communities.
“I always pick on Cardano and mostly I get yelled at, but I was wrong. I was wrong in that I thought lots of these ecosystems would go away, and they didn’t, and I have a very different view on this now,” Novogratz said. He added, “if people want to be part of the XRP army, let them. That’s their decision, and XRP has a narrative and they like it.”
These statements mark a departure from his previous stance, reflecting a broader acknowledgment of the power that core supporters—often referred to as “communities” or “armies”—can have in keeping a crypto ecosystem active and valuable.
Throughout the interview, Novogratz emphasized that “community” is a central factor in crypto valuation—a phenomenon he believes has transformed how many people approach investing. He cited meme coins, Cardano, XRP, and even Tesla stock in traditional markets to illustrate how passion-driven communities can heavily influence prices.
“Part of the reason these ecosystems persist is they have some little narrative,” he said, noting that “community was never an input to valuation” in traditional finance, yet in crypto, it has proven to be an influential force.
This perspective has led Novogratz to reassess projects he previously doubted. While he remains watchful for real-world applications, he now considers community-driven resilience as a potent variable shaping market momentum.
Ethereum Vs. Solana Vs. Bitcoin
Another core theme of the conversation was Ethereum. Christine Kim asked Novogratz about Ethereum’s investment narrative, given that it was originally positioned as the foundational layer for a “decentralized web.” Novogratz reiterated that Ethereum’s community remains robust, even if other blockchains like Solana have begun to vie for market share in areas such as speed and transaction costs.
“The ETH narrative was always, ‘We’re going to build the decentralized web.’ That is the investment narrative,” Novogratz explained. “I think the Ethereum Foundation should continue to take the high road. One thing about [Vitalik Buterin] the entire time is he’s taking the high road. They should be a research organization, and organizations like ConsenSys or others that are engaged should be the advocates.”
He attributed some of Solana’s momentum to a wider distribution of tokens—particularly following the collapse of FTX—as various institutions and hedge funds took renewed interest in SOL. Still, he considers Ethereum far from finished as the dominant smart contract platform.
Despite acknowledging the resilience of certain projects, Novogratz stressed the importance of actual use cases beyond pure speculation. He highlighted zero-knowledge proofs (ZKPs), decentralized identity checks, and various blockchain-based systems (from ticketing to real-world asset tokenization) as technologies that still need widespread adoption to prove crypto’s transformative potential.
“We have decentralized, scalable, fast, and safe blockchains. This is the two to three years where I need to see… that the only use cases for blockchains are not just speculation,” Novogratz said.
While Novogratz acknowledged Bitcoin’s staying power as digital gold, he did not discount the possibility of Ethereum eventually becoming larger in market capitalization. However, he remains cautious on timing: “Could Ethereum be bigger than Bitcoin? Of course it could. Do I think it will in the next five years? No, I don’t,” he commented, citing both the magnitude of institutional understanding around Bitcoin and the complexity of Ethereum’s roadmap.
Summarizing his stance, Novogratz indicated that he holds his largest position in Bitcoin, followed by Ethereum, then Solana—an allocation reflecting both market size and his confidence in each network.
At press time, XRP traded at $2.39.
