u.today
Galaxy CEO Mike Novogratz has recently praised the strong communities behind $XRP and Cardano ($ADA). This comes after the mogul would dismiss these tokens in the past.
Novogratz's previous takes
Novogratz's journey from an $XRP skeptic to an $XRP investor is one of the clearest examples of how institutional narratives have changed over the last decade.
He famously disliked $XRP because of centralization. As an early Ethereum and Bitcoin bull, he viewed Ripple holding ~50% of the $XRP supply as a disqualifying factor.
In early interviews, he would often scoff at $XRP's rally, attributing it to naive retail investors who didn't understand tokenomics.
When the SEC sued Ripple in December 2020, Novogratz distanced himself further.
During the 2021 bull run, while $XRP was pumping, Novogratz continued to ignore it. "You could tell them anything. It's like 9/11 conspiracy theories. They just don't look at the truth sometimes," he said back then.
He has also dismissed $ADA as a "weird cult," but he now acknowledges that IOG Chales Hoskinson has managed to keep the community together.
The "I was wrong" pivot
As $XRP defeated the SEC and the price rallied in late 2024/2025, Novogratz publicly admitted he had miscalculated.
As reported by U.Today, Novogratz recently admitted that he was wrong about $XRP. "I was wrong about $XRP... I didn't think $XRP would last. I thought the SEC was going to crush it. But the community stayed strong, and Brad [Garlinghouse] and the team fought hard," he said back then.
He stated on a podcast that he underestimated the "$XRP Army" and Brad Garlinghouse's leadership.
The crypto mogul realized that the community's refusal to leave during the lawsuit was a sign of strength, not delusion.