According to Mike Novogratz, Bitcoin is not going to change the world because it is just a store of value. In the latest cryptocurrency news, we are featuring a statement that the Galaxy Digital CEO made at the ConsenSys Ethereal Summit on May 11.
As a well known Bitcoin bull and a former Wall Street executive, Novogratz has been known to the public for his statements and optimistic outlooks. However, in this speech entitled “The Herd Is Still Coming!” he said that Bitcoin has “really established itself as a store of value” but is “kind of finished” when it comes to fulfilling its actual use case as a store of value.
Mike Novogratz also compared Bitcoin to gold and argued that both BTC and gold hav evalue as a social construct. However, since Bitcoin represents a store of value and acts as “digital gold,” Mike believes that it is “not going to change the world.”
Instead, Novogratz has his points fingered towards Web 3.0, which according to him, is a revolutionary technology that aids the way networks function and treats data as it is. As the best cryptocurrency news sites published, he believes that the technology takes care of data in “a decentralized platform to process information” as he said.
“It is separating the data from the processing of it,” Mike Novogratz added. He also noted that the public ecosystems including Ethereum and “lots of competitors” are all “vying for the web 3.0 space.”
The CEO of Galaxy Digital also touched a topic in the coming altcoin news. He hinted that each altcoin will have “to prove themselves out” in order to provide a certain use case. On this note, he said that “there is no one building anything on the Litecoin blockchain” as opposed to the Ethereum blockchain, all while referencing a recent tweet that he published a while ago.
“If you really think bitcoin is gonna win this store of value, everything else needs to be used for something,” he said.
Recently, Mike Novogratz made another Bitcoin prediction and claimed that the major cryptocurrency will beat its all-time-high record of $20,000 within the next 18 months. Meanwhile, the cryptocurrency market is seeing new highs and Bitcoin is surging over 10% today to press time, breaking above $7,400 after trading around $4,000 for most of the year.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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