Crypto Is the 'People's Revolution,' Says Investor Mike Novogratz

"This has been the people's revolution," Michael Novogratz of Galaxy Digital told the crowd at the Fluidity Summit in Williamsburg, Brooklyn on Thursday.

Novogratz came to talk about the move of institutional investors into cryptocurrency following last year's dramatic boom in prices.

Novogratz started his remarks by mentioning his companies own big recent development, the launch of the Bloomberg Galaxy Crypto Index, which tracks the most liquid assets trading on blockchains.

"I'm hoping yesterday marks the beginning of the institutionalization of crypto as an asset class," Novogratz said, because "Big problems need big capital."

Novogratz emphasized that he believes that crypto's big impacts will happen at the street-level, where regular people do things like rent rooms, ride cars and pay each other to do work.

Describing recent meetings with staff at Deutsche Bank, the New York Stock Exchange and Goldman Sachs, Novogratz said he believes it is happening - and this year.

Novogratz stated that investors haven't thought deeply enough about the new coins.

Novogratz doesn't believe that's quite right though.

"The token is a future on how many rides a token can get," he said.

As the protocol grows, it will take less of a token to buy a ride and the value of coins will grow.