Novogratz Suggests Elon Musk to Create A Cryptocurrency From SpaceX’s Stock on the Blockchain

Elon Musk seems to be in a difficult situation after Tesla’s stock’s bad performance during this year. However, the recognized investor Michael Novogratz said that he would be one of the first investing SpaceX, another high-profile project conducted by Elon Musk, of SpaceX launches its stock on a crypto network.

Elon Musk Should Work On A Crypto Network

In a recent tweet released by Michael Novogratz, the CEO of Galaxy Digital and former hedge fund manager said that he wish SpaceX to be tokenized.

Wish they would tokenize @SpaceX This is very cool. Hats off @elonmusk https://t.co/J8oRqB0nPf

— Michael Novogratz (@novogratz) May 24, 2019

The comments that Michael Novogratz gave come after the launch of several satellites into space Friday morning that was made by SpaceX. Of course, after following regulatory restrictions, companies can tokenize heir stock by issuing shares on a blockchain. Tokens can easily represent shares on a company and they could revolutionize the financial world as we know it.

At the same time, he has also discussed other issues during a conversation to CNBC. He said that the GlobalCoin that Facebook is currently working on is very important for Bitcoin (BTC) adoption around the world.

"Facebook is wildly important for the ecosystem" – @novogratz on #cryptocurrency "Bitcoin is not going to be a payment currency. Bitcoin is going to be a stored value just like gold." pic.twitter.com/NzyPeLxI3T

— Squawk Box (@SquawkCNBC) May 24, 2019

On the matter, he commented:

“Facebook is wildly important for the ecosystem. Here we have one of the biggest companies in the world say ‘cryptocurrencies are going to be a part of our future’ if you believe [Facebook] will have a stable-ish coin, or a coin that’s going to be linked to some basket of currencies.”

In a recently released report by BBC, the news site explained that Facebook is working on this project and the intention is to launch it as soon as the first quarter of 2020. Nonetheless, there is nothing confirmed about which are the platforms that are going to be using this coin or blockchain network. Facebook is also the owner of Instagram and WhatsApp, both applications have more than 1 billion active users.

Galaxy Digital’s founder said that the utility of GlobalCoin is to work as a payment currency that would not affect Bitcoin’s position as a store of value or digital gold. Bitcoin has been used by several individuals as a store against inflation and also as a means of payment in countries such as Venezuela or Zimbabwe.