Michael Novogratz is a former Wall Street executive, a notable bitcoin bull and his opinion is always interesting to the public. Mike, who at the moment is the CEO of Galaxy Digital, commented on the chance of Bitcoin to change the world we live in.
According to Novogratz, the largest cryptocurrency in the world is simply a store of value, as stated at the ConsenSys’ Ethereal Summit on 11 May. Once controversial, nowadays this opinion is shared by the majority of the bitcoin community, as people believing that usability as cash for payments is the most defining feature of bitcoin have already moved to alternative projects.
In his speech – “The Herd is Still Coming!” Novogratz declared that bitcoin is not “kind of finished” when it comes to accomplishing its use cases, and “really establishing itself as a store of value”. He compared Bitcoin to gold, as both of them had a certain value as a social construct.
His logic shows that since BTC represents a somewhat “digital gold”, it is “not going to change the world”. He continued that he sees the introduction of Web 3.0 as an innovation that could actually change the world.
Novogratz mentioned that Web 3.0 is already starting a revolution in the way networks work and how data is treated as “a decentralized platform to process information. It’s separating data from the processing of it”. He added that Ethereum and “lots” of competing networks are all fighting for their share of the ecosystem.
In his speech, Michael compared some popular cryptocurrencies with periodic table chemical elements. In his view, in order to cater to a specific use case, each coin has to “prove themselves out”, while referring to altcoins and a previous tweet of his:
He added that nobody is building on the Litecoin blockchain in comparison to Ethereum. Our previous research on cryptocurrency communities also showed that enthusiasm for Litecoin is rather insignificant in both the largest social network in the cryptocurrency space, and when it comes to real-life meetup groups.
And while Novogratz has a history of being overly optimistic in his bitcoin price predictions, if the recent rally continues one of his most popular forecasts could indeed turn into reality. More specifically, the CEO of Galaxy Digital recently stated that bitcoin would surpass its highest price of $20.000 during the next 18 months.