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Galaxy Digital CEO Mike Novogratz Admits He Was Wrong About XRP and Altcoins
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Mike Novogratz, Founder and CEO of Galaxy Digital admitted that he was wrong about XRP in an interview. Novogratz also said that altcoins are currently store of value and might have utilities in the future.
Novogratz was originally skeptical about XRP, especially regarding its distribution and how Ripple Labs, the creator and issuer of XRP, owned a significant amount of the coin. “[The distribution] doesn’t seem a proposition that’s going to work,” said Novogratz. “And I’ve been dead wrong.”
“Ripple is now an institution; the XRP Army is real; they care about their ecosystem and their coin,” said Novogratz. “It’s got a use case but broadly the use case is the same as Bitcoin. It’s another place for people who want to store value.”
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