Crypto Billionaire Mike Novogratz Admits Mistake in Judging XRP
Crypto billionaire Mike Novogratz has admitted that he was wrong about his skepticism towards XRP. In a recent interview with Real Vision, the CEO of Galaxy Digital, a crypto investment firm, revealed that he initially doubted the lasting power of XRP due to the significant amount held by Ripple, the San Francisco payments company.
Novogratz acknowledged his error, stating, “I was skeptical that XRP would have lasting power because Ripple the company owns 60% of them… And I’ve been dead wrong.” He commended Ripple CEO Brad Garlinghouse and his team for transforming Ripple into an institution and highlighted the passionate community supporting XRP.
XRP is currently trading at $0.622.
Doubts About Bitcoin as a Retail Currency
In the same interview, Novogratz expressed doubt regarding Bitcoin’s potential as a retail transaction currency. He argued that although people may utilize Bitcoin’s infrastructure such as Lightning Network, they are unlikely to use Bitcoin itself as a transactional currency. Novogratz stated, “I don’t think Bitcoin will ever be a currency that we buy Pepsi cola with.”
Bitcoin is currently valued at $41,859.
Hot Take: Novogratz Acknowledges Mistake and Highlights Ripple’s Success
Crypto billionaire Mike Novogratz has openly admitted his mistake in doubting the longevity of XRP due to its association with Ripple. Despite initial skepticism, Novogratz commended Ripple CEO Brad Garlinghouse and his team for establishing Ripple as an institution and praised the passionate XRP community. This acknowledgment reflects the evolving nature of the cryptocurrency market and highlights the importance of reevaluating assumptions. Novogratz’s admission demonstrates the growth and potential of XRP as a prominent digital asset.
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