Ripple’s Transformation and Caring Ecosystem
Galaxy Digital founder and CEO Mike Novogratz admitted that his previous perception of Ripple and its digital asset XRP was wrong. He now recognizes Ripple as an institution and sees the XRP community as a real organization that cares about the ecosystem and the coin. Novogratz had been skeptical about XRP’s prospects due to Ripple holding a significant portion of the circulating coins. However, witnessing XRP overcome setbacks over the years has changed his view on Ripple and its leadership, giving credit to Brad Garlinghouse and his team.
BTC’s Limited Use as a Currency
Novogratz stated that he doesn’t believe Bitcoin (BTC) will become a widely used currency for everyday purchases. While it initially functioned as a payment method, he pointed out that “no one is buying stuff with bitcoin” currently.
The Price of Unparalleled Government Spending
Regarding the US government’s unprecedented spending, which accounts for approximately 25% of the country’s GDP, Novogratz acknowledged that it has stimulated the economy. However, he also recognized that there will be consequences in the future, indicating that there will be a price to pay down the road.
Ethereum ETF’s Prospects
When asked about the prospects of an Ethereum (ETH) spot exchange-traded fund (ETF), Novogratz expressed skepticism, stating that it wouldn’t perform as well as a Bitcoin ETF unless there was a way to include staking rewards.
Hot Take: Ripple’s Evolution and Novogratz’s Revelation
Galaxy Digital CEO Mike Novogratz’s reassessment of Ripple and XRP showcases the evolution of Ripple as an institution and the genuine concern of the XRP community for the ecosystem and the coin. His admission about being wrong initially reflects the changing dynamics within Ripple. However, Novogratz’s skepticism about Bitcoin’s usability as a currency and his cautionary stance on the consequences of massive government spending highlight his nuanced perspective on the digital currency landscape.
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