Novogratz Says Stablecoin Bill Will Push Traditional Finance Toward Crypto
Billionaire Michael Novogratz said that the passage of landmark stablecoin legislation will bring more traditional financial institutions into the cryptocurrency market.
'We set up Galaxy in 2017 with the idea that institutions would finally come to the market and they're here,' Novogratz, the founder and chief executive officer of Galaxy, said during a Bloomberg Television interview on Wednesday. 'We will get the stablecoin bill and hopefully a market structure bill and it will bring TradFi into this technology.'
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Forbes
16 minutes ago
- Forbes
Why Putting Pen To Paper Still Matters In The Age Of ChatGPT
teen entrepreneur writing her ideas in a notebook before using ChatGPT Ask most students, professionals, or entrepreneurs what tool they reach for when they're stuck, and the answer is increasingly the same: ChatGPT. Recent data shows that 26% of American teenagers now use AI tools for schoolwork—double the number from just two years ago. It makes sense. ChatGPT is fast, polished, and remarkably capable. We've reached a point where turning to AI has become automatic for many students and young entrepreneurs. As someone who has worked with over 10,000 young entrepreneurs through WIT (Whatever It Takes) since 2009, I see this pattern repeatedly. Students and founders are becoming increasingly dependent on AI tools for thinking, not just writing. They're skipping the messy, uncomfortable work of developing original ideas and jumping straight to polished output. This concerns me—not because AI lacks value, but because using it as a first step rather than a refinement tool can create a gap between what you can articulate and what you understand. OpenAI reports over 800 million weekly users, with 60% of small businesses now using AI tools in their workflows. Students tell me they use ChatGPT for everything from business plans to college essays. But the most successful young entrepreneurs I work with follow a different approach: they start with pen and paper. Research from the Norwegian University of Science and Technology shows that handwriting activates brain areas tied to memory, comprehension, and creative integration more effectively than typing. Studies confirm that handwritten notes significantly improve memory and recall because the physical act of writing requires the brain to process and summarize information, leading to deeper understanding and better retention compared to typed notes, which are processed more passively. When teen entrepreneurs write by hand, they're forced to slow down and confront their half-formed ideas. ChatGPT excels at pattern recognition and remixing existing information. For established businesses that follow proven models, this approach works well. However, teen entrepreneurs typically succeed by identifying problems others haven't noticed or approaching familiar challenges from fresh angles. When young entrepreneurs start with AI, they often end up pursuing ideas that sound good but lack a genuine connection to their interests or expertise. The result is businesses that struggle to find customers because they solve problems the founder doesn't truly understand. A Princeton-UCLA study found that students who took handwritten notes understood concepts more deeply and retained them longer than those who typed. Writing essays yourself fosters critical thinking, analysis, and the ability to develop and defend original ideas—skills essential for both academic and entrepreneurial success. This cognitive advantage applies directly to business planning. When teen entrepreneurs map out business models by hand, they're more likely to identify potential problems and opportunities—the physical act of writing forces them to think through each component rather than simply copying templates. At WIT, we've incorporated this principle into our "11 Tips for Doing WIT" methodology, where students begin with handwritten reflection exercises before moving to digital execution. The analog planning process helps young entrepreneurs connect their values with business opportunities. When they write by hand about what matters to them, they often discover unexpected connections between their interests and market needs—connections that AI, focused on existing patterns, might miss. I'm not suggesting entrepreneurs avoid AI—quite the opposite. The most effective approach uses both analog thinking and digital tools strategically, at the right stages of development. Here's the process WIT recommends to young entrepreneurs: Start analog: Use pen and paper to explore problems, brainstorm solutions, and clarify your vision. This stage is about understanding what you think, not communicating it perfectly. Refine with AI: Once you have clarity on your core ideas, use ChatGPT (or, if teens are in WIT, they use the AI tool - WITY) to help structure presentations, generate marketing copy, or research implementation strategies. Studies show that AI tools can boost productivity by up to 40% for specific writing tasks, making them valuable for efficiency and overcoming creative barriers. Return to analog: Regularly revisit your handwritten notes to ensure your business stays connected to your original insights and values. Additionally, allowing yourself 20 minutes for a 'brain dump' on paper helps when figuring out how to solve certain problems. This approach maximizes both human creativity and AI efficiency. It prevents AI from replacing foundational thinking while fully leveraging its strengths for execution, structure, and refinement. In an era where anyone can generate professional-sounding content in seconds, authentic insight becomes more valuable. Investors, customers, and college admissions officers can increasingly distinguish between AI-polished presentations and genuine understanding. Teen entrepreneurs who develop their ideas through analog thinking tend to communicate with more conviction and respond to questions with greater depth. They've done the cognitive work to understand their concepts. This authenticity creates a competitive advantage. When everyone else sounds similar because they're using the same AI tools, the entrepreneur who has developed original insights through careful thinking stands out. Teaching young entrepreneurs to start with pen and paper isn't just about business success—it's about developing thinking skills that will serve them throughout their lives. Whether they become founders, employees, or leaders in other fields, the ability to think clearly and communicate authentically remains a valuable asset. In our ChatGPT-saturated world, the most valuable skill may be knowing when not to use the most powerful tools. Sometimes, the most effective and innovative approach is to pick up a pen and think through a problem yourself. The entrepreneurs who master this balance—leveraging AI's capabilities while maintaining their cognitive independence—will have the best chance of creating something truly original.
Forbes
16 minutes ago
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The Business Of Freedom: What Juneteenth Teaches Us About Black Wealth
On June 19, 1865, Union troops arrived in Galveston, Texas, to enforce President Lincoln's Emancipation Proclamation, delivering freedom to enslaved people more than two years after its signing. That date, now celebrated as Juneteenth, marks not just legal independence but also the beginning of an incomplete economic quest: the fight for Black wealth. Yet today, rising Black-led enterprises—from early 20th-century hair empires to interstate beauty megabrands—forge a new path toward legacy, ownership and intergenerational capital. For the newly freed, the bigger question following emancipation was, what does freedom mean without the financial foundation to sustain it? As we remember Juneteenth 160 years later, that same question continues to come up in Silicon Valley boardrooms, beauty labs in Los Angeles and venture capital offices in New York. The answer, it turns out, has been hiding in plain sight within the holiday itself: true freedom requires ownership. Juneteenth arguably represents one of America's most entrepreneurial moments—a mass liberation that instantly created the world's largest startup class. Suddenly, over four million people needed to build lives, businesses and generational wealth from nothing. They had no family offices, no inherited portfolios and no network effects from elite universities. What they had was necessity as the mother of invention. The parallels to today's startup ecosystem are striking. Like any founder facing a market disruption, the newly freed had to quickly identify opportunities, bootstrap resources and scale. Within a generation of emancipation, Black Americans had accumulated wealth equivalent to hundreds of millions in today's dollars. With that success, they built banks, launched newspapers, founded universities and created entire commercial districts. Then came the systematic destruction—through Jim Crow laws, redlining, urban renewal and what economists now recognize as the most successful wealth extraction program in American history. Between 1910 and 1997, economists estimate that discriminatory lending practices alone transferred $164 billion in wealth from Black to white communities, while the Tulsa Race Massacre destroyed what would be $200 million in today's Black-owned assets in a single day. Emancipation symbolized moral justice, but economic justice lagged. Reconstruction-era Black families were systematically denied land, access to banking and the homesteading opportunities white families received. Fast forward to 2022: the typical Black family held just $44,890 in median wealth versus $285,000 for white families—a staggering 6× gap, according to the Brookings Institution. And though overall median wealth rose during the pandemic, the racial wealth gap widened by nearly $50,000. Policies like the GI Bill, FHA loans and New Deal programs entrenched a structural advantage that Whites continue to benefit from. Wealth in itself represents more than savings. Instead, it is a launchpad that enables risk-taking, business founding, wealth transfer across generations and capital access. But Black families have lagged behind without multilingual fluency in capital, bank loans, venture equity and homeownership. Numerous Black founders still struggle to raise F&F rounds by tapping sparse generational wealth; Black founders receive less than 1% of venture capital, despite being a little over 12% of the population. The 1% figure masks deeper structural issues: Black founders raising Series A rounds face average valuations 25% lower than comparable white-led startups, while 83% of VC partners are white men, creating what Harvard Business School calls 'pattern recognition bias' in investment decisions. So Juneteenth remains, in many ways, an unfulfilled promise that represents a day to celebrate freedom while spotlighting the work that still lies ahead. The first chapter of modern Black wealth began with Madam C.J. Walker, born Sarah Breedlove and emancipated in 1867. By age 37, she created a national hair-care empire for Black women, later hiring 20,000 sales agents, developing her factory, training schools and supply chain. Walker used wealth strategically—investing in real estate, arts, philanthropy and activism. She turned business into a tool to uplift thousands of Black women economically and socially. Today, that legacy echoes in modern founders. Case in point: Beyoncé, through Parkwood and haircare line Cécred, and Rihanna with Fenty Beauty and Savage X Fenty, have built culturally resonant, global brands, generating wealth and shifting the zeitgeist of media narratives. Fenty as a brand, for instance, revolutionized inclusivity, but it also generated billions and reinvested in Black creatives. When Rihanna launched Fenty Beauty in 2017, she did so with a radical proposition that paid off: makeup for all skin tones. And like Walker, she revamped an entire market category in a way that made consumers pay attention and money. Fenty Beauty generated $100 million in sales within 40 days, ultimately valued at $2.8 billion, and Rihanna's 50% stake made her a billionaire. Rihanna's success stemmed from her distribution strategy: partnering with Sephora for premium placement while maintaining manufacturing control through Kendo Brands, which allowed her to capture both wholesale margins and retail premiums that traditional celebrity licensing deals surrender. More importantly, she proved that when Black entrepreneurs control distribution and narrative, they can capture value previously extracted by others. 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Capital remains the prerequisite for sustainable freedom—emancipation without assets creates agency without options. Walker understood that wealth functions as generational infrastructure, a truth that modern Black founders are internalizing through equity structures and IP ownership. Most importantly, the data proves that ownership trumps charity every time. When Black entrepreneurs control distribution and narrative, they capture the market share and redefine entire categories. Juneteenth does not solely represent a litany of injustice, nor is it a celebration for its own sake. It's a lens: from 1865's slow crawl toward freedom, through Madam Walker's road-blocked rise, to today's multi-billion-dollar empires of Beyoncé and Rihanna. It tells a story, one of liberation deferred; empowerment circumvented and wealth half-granted or, perhaps, half-seized. The most profound lesson of Juneteenth isn't about the past but about the future. Freedom delayed is opportunity denied, but freedom claimed is wealth created. Every day that systemic barriers prevent Black entrepreneurs from accessing capital is a day that superior returns remain uncaptured. Regardless, the arc continues. Black founders are building generational wealth through brand ownership, VC carve-outs, reparative capital and self-sovereign IP. As Madam C.J. Walker once did with her 'Walker System,' today's Black entrepreneurs are piecing together freedom in practice: culturally, economically and generationally. And that is the business of freedom.
Gizmodo
17 minutes ago
- Gizmodo
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