Novogratz: Bitcoin (BTC) is already complete

11 May, 2019
by David Robb
Novogratz: Bitcoin (BTC) is already complete

Galaxy Digital head Michael Novogratz recently gave a speech at the Ethereal Summit in New York, as reported by DecryptMedia. He claimed that Bitcoin was "kind of finished", in the sense that the technology was complete and ready to grow.

Novogratz sees Bitcoin as a store of value primarily. He stated his belief that BTC was already perfect for this use case due to its current status, and that its underlying technology was not particularly relevant: "You don’t need to do a lot more to it to fulfil its use case; it’s not the technology. We could take the bitcoin code and reconstruct it tonight, we call it Novocoin and it’ll be worth bupkis."

He also had good things to say about Ethereum (ETH), pointing out how many ETH enthusiasts were in the room at Ethereal as a sign that the project had a bright future: "Ether is way ahead...You have to have community. What is a community? It’s entrepreneurs, developers, coders, in the long run, it’s users. You gotta get them in the room".

Litecoin (LTC), on the other hand, would suffer due to its weaker community. He claims that LTC embodies some of the worst aspects of the crypto space, and "is a community of speculators, of promoters, of pumpers."

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Read more about: Bitcoin (BTC)


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