Mike Novogratz, the founder and CEO of Galaxy Digital recently on his talk show ‘Next with Novo’ said that he believes NFTs will pervade every business in the future.

Novogratz, the first institutional investor in Bitcoin and the first Wall Street investor in Ethereum, stressed that the NFT sector is still in its infancy and that education, trust, and community development are critical components of space’s future growth. Without a doubt, NFTs represent the future of art and technology.

Novogratz clarified that he hasn’t purchased many NFTs because the technology is still in its early stages. However, in ten years, the NFT space will be considerably larger, healthcare records will be NFTs, and every sector will find out how to leverage this technology to develop, expand, and profit.

Cryptocurrency, according to Novogratz, is a revolutionary notion that will transform the way financial institutions are built, and by 2030, crypto will shape the world from bank account to digital wallet on phone. It will shift power from businessman to creator. As of now, crypto global wealth is 1% but in coming years it will reach 5% and the only way to acquire it is if some institution’s money comes through.

Related: Bitcoin is an asset class and people wants to invest says JP Morgan’s Mary Callahan Erdoes

Novogratz believe people are buying cryptocurrency because they are concerned about the gradual debasement of fiat currency, particularly in the United States. However, no one should wish for bitcoin to take the place of the dollar rather, it should account for a larger portion of our savings. However, bitcoin is extremely important in nations like Nigeria and Venezuela, where the economy and savings of middle-class and working-class people are constantly depreciating.

When asked about his opinion on Elon Musk, Novogratz said that Musk is an entrepreneurial genius of modern time nevertheless, Novogratz believes that Musk should be more professional when commenting on crypto, since his single tweet impacts the whole market, affecting many individuals who invest in crypto.

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