The world’s largest cryptocurrency, bitcoin (BTC), is not going to change the world as it is just a store of value, Galaxy Digital CEO Michael Novogratz said at ConsenSys’ Ethereal Summit on May 11.
Major bitcoin bull and former Wall Street exec Novogratz made his comments during a speech entitled “The Herd Is Still Coming!” at the industry event, which Cointelegraph attended as a media partner.
Starting with bitcoin, “as it came first,” Novogratz claimed that the coin has “really establishing itself as a store of value,” noting that it is “kind of finished” in terms of fulfilling its use case as a store of value. Novogratz also compares the asset to gold, arguing that both have value as a social construct.
Since bitcoin represents a store of value or acts as a “digital gold,” it is “not going to change the world,” Novogratz argued. He further stated that instead it is web 3.0 that “has the potential to change the world.” According to Novogratz, web 3.0 envisions a revolution in how networks function and data is treated as it is “a decentralized platform to process information. It’s separating data from the processing of it.” The investor noted that public ecosystems such as Ethereum and “lots of competitors are all vying for this space.”
Comparing various cryptocurrencies with chemical elements in the periodic table, Mike also considered the role of altcoins, hinting that each coin will have “to prove themselves out” in order to provide a certain use case. On this note, Novogratz argued out that “there’s no one building anything on the litecoin blockchain,” as opposed to the Ethereum blockchain, referencing a recent tweet of his.
Novogratz elaborated in his talk:
“If you really think bitcoin is gonna win this store of value, everything else needs to be used for something.”
Recently, Novogratz made yet another bitcoin prediction, claiming that the major cryptocurrency will beat its all-time-high record of $20,000 within the next 18 months.
Meanwhile, crypto markets have rallied since Friday, with bitcoin surging over 10% today to press time, breaking over the $7,000 threshold after trading around $4,000 for most of 2019.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.