Galaxy Digital Founder and CEO Mike Novogratz recently shared his views on the rise of social media , particularly with coming out about the launch of Facebook’s in 2020.
Novogratz, who has been a regular pundit and established bull, voiced support for the creation of social media cryptos, even if he doesn’t believe all of the projects will ultimately succeed to the same degree as . In an with CNBC published on May 24, the billionaire investor claimed that at least one of the social media coins will succeed.
Novogratz explained,
“I think Facebook’s payment currency, I think Telegram’s gonna have one…You’re gonna see one of those payment coins work, and I think that has the chance to be a real currency.”
Earlier in May Novogratz stirred debate around the future and utility of when he claimed that the original was reaching the end of its potential as a digital asset. While Novogratz was commenting more on the lack of innovation left to developing , enthusiasts questioned whether he meant the coin was no longer poised to be a dominant player in the sphere of .
Novogratz updated his stance on in the interview with CNBC, reiterating that the coin constitutes a of value–similar to a digital version of gold–as opposed to the transfer of wealth inherent in most currencies. However, compared to , Novogratz believes that Facebook’s GlobalCoin will be used primarily for payments, distinguishing it from the original in terms of usability.
The Galaxy Digital CEO also gave his opinion that the ‘crypto winter’ for coin prices is largely over, and that is entering the start of a bull market. Novogratz explained his belief that investors, despite being burned in the severe valuation drop throughout 2018, will not be reluctant in their return to the market, telling CNBC,
“I don’t think it’s the case. And a lot of institutions never got in, so they felt kinda smart and now all of them say, ‘Wait a minute, now there’s more cover.’ […] Retail will come and go, and a lot of the guys who got burned won’t come, but there’s seven and a half billion people on the planet, there’s plenty of retail to continue to come in. ”
Novogratz is relying upon the entrance of institutional investors to continue driving the price of and higher, in addition to retail investors who either missed the initial collapse of the crypto markets or are still bullish on their outlook.
He also took time to declare his interest in network-based currencies such as and , which he referred to as ‘3.0’ coins. However, despite the innovation being developed by and other similarly developed , Novogratz believes the competition in the space has become intensified in the race for Web 3.0 network dominance, and that it will likely be ‘years’ before a preeminent currency emerges.
Published at Sun, 26 May 2019 01:18:58 +0000
