Bitcoin Bull, Galaxy Digital CEO Novogratz: Ethereum Will Take Over Bitcoin, “Litecoin Has No Future”
During the Ethereal Summit, Bitcoin Bull and Galaxy Digital CEO, Michael Novogratz was given the opportunity to express his viewpoints on the overall crypto market. Having been one to normally root for Bitcoin (BTC), Novogratz definitely got heads turning as he shared the crypto he thought could potentially dominate BTC, BTC as a store of value and how blockchain technology going to become an essential part of our lives.
As reported by Crypto Briefing, Novogratz argued that Ethereum, the second largest cryptocurrency to date, has the potential to dominate BTC. His argument is that the Ethereum blockchain is associated with several businesses, as it serves as a foundation for decentralized apps and smart contracts. Here’s as per his words:
“The good news is that Ethereum is way ahead […] Ethereum [ETH], by a long shot, has the most people in the room,”
“What we looked at as investors, and what I stress, is that it only works if there are people in the room.”
An example of a cryptocurrency he believes may not have a future is Litecoin [LTC] – to which he made the case that it cannot be used to build anything:
“Litecoin has a very vibrant community, but it’s a community of speculators. There’s no one building anything on the Litecoin blockchain.”
Although ETH is deemed the one to overtake BTC, Novogratz will always be a BTC supporter. He proves this by noting that BTC has become a store of value – especially given how far it has come in terms of being established.
However, he sees BTC leading the way in the “short-to-mid-term,” reports Crypto Briefing. At the end of the day, most firms retort to BTC as a starting point, but that could change along the way is the sentiment he has expressed.
Finally, Novogratz trusts that government-backed cryptocurrencies are bound to become a thing. He sees this happening due to the demand for online payments, adding that:
“95% of financial transactions in China happen on a phone. Those transactions go through a government clearinghouse, which gets plugged into big brother’s machine-learning AI. So, they know what you’re thinking and how you behave.”
He stresses that eventually, technology such as blockchain and its efficiency in payment systems will become a norm in society.