Sam Bankman-Fried is culpable for what happened at FTX, Galaxy Digital CEO Mike Novogratz says. According to Novogratz, Bankman-Fried helped perpetuate a massive fraud that’s seen fresh contagion hit the crypto industry hard. And for this, the former FTX chief should be prosecuted and do jail time. Are you looking for fast-news, hot-tips and market […]
As markets continue to wobble, with risk assets struggling to string gains, Galaxy Digital CEO Michael Novogratz says the bearishness could sustain for a bit longer. No ‘big knight on a horse’ for the markets In an interview with Bloomberg on Wednesday, Novogratz said he expects the markets to have it rough for a few […]
Billionaire investor Mike Novogratz has acknowledged that he totally missed the mark when it comes to his outlook on the crypto market, the extent of the leverage risks that lay therein and what that meant for Bitcoin (BTC/USD). The Galaxy Digital founder lamented the regulatory environment that allowed some of the crypto companies to flip […]
Cardano (ADA) saw a number of upgrades in the last few months, which brought not only new functionalities, such as smart contracts support, but also a massive increase in interest and usage. As a result, the project’s price skyrocketed, and so did its market cap, allowing it to become the 4th-largest cryptocurrency.
Now, ADA also seems to have attracted a new major supporter — Galaxy Digital’s Mike Novogratz, who is well-known in the crypto world for his undying support for Bitcoin.
Cardano’s surging market cap attracts major interest
Novogratz first expressed his interest in Cardano in a recent tweet, when he addressed the community, asking about the bull case and use cases of the project. He also addressed Cardano’s massively increased market cap, which sits at $37.3 billion at the time of writing.
He asked if anyone builds on Cardano’s network, or uses it, asking why is the market cap so high all of a sudden. He confessed that he never traded Cardano in the past, which makes it one of the few coins that he avoided until now.
However, given that ADA has a daily trading volume of over $5.1 billion, there is little doubt that the project is seeing more than a little usage.
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Novogratz delves deeper into the crypto world
As mentioned, Novogratz is no stranger to the crypto industry. He is known for supporting Bitcoin and Ethereum, and he was among the first big names on Wall Street to enter the crypto industry.
However, he did not stop at the major coins, as he also developed an interest in the DeFi sector. He mentioned liking projects like Aave and Chainlink, stating that he believes they could make major waves in the crypto world.
Apart from them, he seems to be intrigued by Compound, yearn.finance, and also UNI, the native token of the world’s largest DEX, Uniswap.
However, when it comes to Litecoin and Dogecoin, Novogratz is quite skeptical and suspicious of the projects.
In another blow to some industry participants, the Securities and Exchange Commission, or SEC, is suing Ripple for allegedly selling an unregistered security in the form of XRP tokens. The securities regulator made its case in a painstakingly detailed 71-page takedown of Ripple released earlier this week.
The 70-page SEC complaint against #Ripple is a teardown of breathtaking detail and scope. It’s not a petty or vindictive gesture: it’s a well-researched and well-articulated document that alleges a scheme of epic proportions.
Novogratz and others believe that archaic cryptocurrency laws will hinder innovation and adoption in the United States, paving the way for rivals like China to dominate the market. Ironically, this is one of the arguments being used by Ripple to counter the SEC’s lawsuit.
In his interview with CNBC, Novogratz said stubborn crypto laws have “a lot of unintended consequences,” adding that, “it’s going to push a lot of the cool stuff that’s happening in crypto offshore.”
Litecoin (LTC) is one of Bitcoin’s oldest forks, and a high-ranking altcoin that has been known as ‘silver to Bitcoin’s gold’ for years, now. However, one analyst and former trader, Qiao Wang, recently posted sharp criticism of LTC on Twitter, only to be praised by none other than billionaire Mike Novogratz, the CEO of Galaxy Digital and a known Bitcoin bull.
Crypto analyst bashes LTC, Mike Novogratz agrees
In his recent tweet, Qiao Wang addressed newcomers to the crypto industry, noting that “LTC is a direct attack on BTC.” He insisted that Litecoin is not faster than Bitcoin (BTC), and that it should not be considered silver to Bitcoin’s gold, as it has no industrial utility, according to him. Particularly, he stressed that LTC is not BTC’s testnet, and that BTC has its own testnet.
Novogratz quickly joined this sudden criticism of LTC, who called Wang a “smart man,” based on his thoughts of the altcoin.
Of course, despite LTC constantly being referred to as silver for Bitcoin’s gold, the fact is that LTC’s market cap is only a tiny fraction of what Bitcoin owns. Even so, Wang believes that it is absurd to compare the two.
Criticism of Litecoin is nothing new
Wang also took a shot at LTC in November, when he predicted that LTC is likely to be discovered by the retail sector before DeFi tokens. With both Wang and Novogratz being very close to the DeFi sector, this likely explains their dislike of LTC.
They are not alone in thinking this. LTC has been dismissed as a copycat Bitcoin ever since it was created. LTC still uses the same consensus mechanism as BTC, and it even shares its maximum supply. However, it did introduce Scrypt, a new mining algorithm that allows it to produce blocks four times faster than Bitcoin.
At the time of writing, the coin has a price of $83.36, with a market cap of $5.49 billion, which allowed it to climb to 5th place on the list of largest cryptos. BTC, on the other hand, has a market cap of $356.96 billion.
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7:59 – Bitcoin Buyer Influx Started BEFORE Paypal News
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Galaxy Digital CEO and multi-millionaire Mike Novogratz recently hopped on CNBC Squawk Box for an interview, detailing the importance of PayPal’s upcoming 2021 Bitcoin (BTC) launch.
“I think that’s, in some ways, the shot heard around the world on Wall Street,” Novogratz said in an Oct. 23 interview about PayPal’s recent news. “PayPal has 346 million accounts,” he said, adding: “They’re the 30th biggest bank in the U.S. in deposits and all of a sudden every financial institution says, ‘Wait a minute, what am I doing?'”
PayPal plans to add Bitcoin, Ethereum, Litecoin and Bitcoin Cash to its network sometime in 2021. Following the announcement of these plans, Bitcoin surged in price, ultimately overtaking the market cap of PayPal itself.
“If you’re in the board room at Morgan Stanley or Goldman Sachs or Bank of America, you’re thinking, ‘How do I get engaged?'” Novogratz said of crypto. Prior to his interview, the CEO said he took a peak at stock performances for companies involved in crypto, as well as Ethereum’s price. He pointed out that such assets have posted standout price gains in 2020.
“We are going to see, over the next 10 years, a rebuilding of the financial infrastructure of this country,” Novogratz said. “It was interesting that PayPal hired Paxos to do their integration with crypto because there’s a domain expertise in this cryptocurrency space, in this blockchain space, that’s needed.” Paxos serves as the entity behind PAX, one of the many U.S. dollar-pegged stable coins in the crypto industry. The institution also touts other functions, such as custody.
“It was the COVID virus that really accelerated — as horrible as that sounds — accelerated adoption of crypto on two ways: the macro story with Bitcoin and the more maybe important story of digitalization of all cash, digitalization of the financial services system, that’s going to mostly be built on Ethereum.”
Billionaire Mike Novogratz recently said that he considers Bitcoin to be a better investment than gold.
His thoughts were echoed by many other influential traders and investors, such as Robert Kiyosaki.
Goldman Sachs’ former executive, Raoul Pal, also noted that all trades are inferior to BTC right now.
Ever since Bitcoin’s price moved from its several months-long slumber, the crypto industry has been following its progress with a lot of excitement. Speculation regarding where the price will go, and whether or not this is the beginning of a bull run that will take BTC to a new ATH have been growing with every passing day.
Meanwhile, influential traders continue to praise BTC, as even institutions started approaching with greater interest. One example is Galaxy Digital’s Mike Novogratz, a billionaire that has been supporting BTC for years, now.
Bitcoin is a better investment than gold, says Novogratz
Novogratz was interviewed by Bloomberg yesterday, August 14th. Being a successful businessman and trader, his opinion of the direction the crypto market is taking has always been highly valued. This time, Galaxy Digital’s CEO touched upon BTC, as well as gold.
Novogratz noted that gold has a huge potential to surge right now, possibly even hitting $2,500 to $3,000 per ounce. He believes that this is the case due to the money printing that the banks turned to earlier this year.
However, his optimism regarding BTC seems even greater, as he called it a ‘better investment than gold.’ Novogratz stated this as an answer to the question of whether crypto is a good store of value. This statement confirmed his previous forecast that BTC is likely to hit $14k in the coming months.
He also added that Bitcoin could go back to $20,000 by the end of the year,
Other influential traders and investors agree
Novogratz is also not the only one who has such strong faith in Bitcoin. Similar statement came from Goldman Sachs’ former head of hedge fund sales division, and the current CEO of Real Vision, Raoul Pal.
Pal said that trading BTC is better than trading pretty much anything else right now. He also admitted to believing that it is not worth owning any other asset in the long-term.
The same sentiment is shared by the author of “Rich Dad Poor Dad,” Robert Kiyosaki, who said that BTC is still the sleeper, but is likely to become ‘the fastest horse.’
GOLD is up 35% in 2020. S&P only 3%. Silver is still the best, still 30% below all time high. Best because it is limited in quantity, used in industry and still affordable for those with tight budgets. The sleeper is Bitcoin. I suspect it is about to become the fastest horse.— therealkiyosaki (@theRealKiyosaki) August 8, 2020
Galaxy Digital CEO and known Bitcoin (BTC) proponent, Mike Novogratz, said he sees upcoming financial market difficulties if Democrats take the U.S. presidential bid in November.
“Electing Biden and Harris, as much as it’s going to be great for the country, it’s not going to be great for the market,” Novogratz told Bloomberg in an Aug. 14 interview.
Following his comments on Biden’s vice president, Kamala Harris, being “fair” to Wall Street if elected, Novogratz mentioned heightened taxes from a Democratic presidential win. “The Democrats are going to be tougher on Wall Street in terms of the tax plan,” he said, noting increased corporate, income and capital gains taxation.
In the midst of answering other questions, Novogratz described mainstream markets at present as comparable to Bitcoin’s exuberant 2017 ride, due to various measures, such as government spending. “Everything is trading literally like Bitcoin in 2017, into a speculative frenzy,” he said.
Noting abnormally high company valuations seen stock prices, Novogratz added:
“Bubbles normally end with policy response. Usually its Fed action. It could be action on raising taxes that could end this froth we have.”
Novogratz also touched on Bitcoin as a store of value — an extremely common tagline for the asset among crypto industry participants. The CEO explained he thinks Bitcoin, over the last year, has transitioned from people seeing it as a possible store of value, to a cemented position in that role.
“It’s literally a downhill race from here as opposed to an uphill race,” Novogratz said of Bitcoin gaining acceptance, noting mainstream institutions joining the game as of late.
“I like Bitcoin better than gold solely because Bitcoin has been hard to buy. Its only got a $220 billion market cap, where gold is over $10 trillion and so Bitcoin has a long way to go to catch gold in just adoption. That said, I still think gold goes higher.”
Bitcoin has gained a significant amount of mainstream financial interest in 2020 alone, as hedge fund giant Paul Tudor Jones entered the asset alongside other developments.
Cointelegraph reached out to Galaxy Digital for additional comments from Novogratz, but received no response as of press time. This article will be updated accordingly should a response come in.