Mike Novogratz, CEO of Galaxy Digital, said that Ethereum will overtake bitcoin as the main platform for launching ICOs in the next two years. However, Novogratz added that bitcoin will be the main currency for the cryptocurrency market itself. Novogratz also stated that the Ethereum price will reach $10,000 by the end of 2018.
Mike Novogratz, a billionaire hedge fund manager at Fortress Investment Group, has publicly claimed that Ethereum will surpass Bitcoin, but never backed up his statement with hard facts or data. He believes that ETH will overtake BTC in capitolization and in market size, and soon. He even believes that ETH will exceed Bitcoin in price.
#FOMO — Fear of missing out. It has become such a problem for investors that many of them feel they are missing out if they don’t keep up with everything that’s going on with cryptocurrency.
Mike Novogratz of Galaxy Digital again commented on the state of the cryptocurrency industry and his thoughts on its future. Novogratz has made predictions about crypto currency prices in the past, especially when it comes to bitcoin.
However, the famous crypto bull seems to have found a new favorite: the Ethereum.
Mike Novogratz’ forecast for BTC and ETH
The CEO of Galaxy Digital recently spoke out about Bitcoin and Ethereum, explaining the differences between the two currencies. When it comes to cryptocurrencies, he said Ethereum could overtake Bitcoin in the future and become the new biggest cryptocurrency.
This is not a new concept, as the intended event took place long enough ago to have a name: flipping. In fact, many believe Ethereum’s focus on blockchain and myriad use cases and products will allow it to overtake bitcoin as the largest, most widely used, and most expensive cryptocurrency.
Many made such predictions years ago, when Ethereum first appeared. The coin then began to attract community attention fairly quickly, at a time when bitcoin prices were beginning to fall. With Ethereum undergoing the biggest evolutionary change since its inception, that faith has returned, spurred on by the upcoming Ethereum 2.0 release.
Of course, Ethereum also had a strong run earlier this year, although it didn’t reach Bitcoin’s level. What he has achieved reaches and exceeds the levels bitcoin was at just two years ago.
As for Novogratz, he thinks a scenario where ETH overtakes BTC is more than possible, although he thinks it could take a while. But even if that is the case, Ethereum will not share bitcoin usage scenarios. Novogratz believes bitcoin could become digital gold, the world’s next store of value. He noted that gold has been humanity’s chosen store of value for 3,000 years and that bitcoin could take over that role in the next 3,000 years. But even if that happens, he still thinks Ethereum will be more important.
This is because the Ethereum blockchain can be used as a fundamental trust layer and as the foundation of Web 3.0. Of course, the project has many competitors ahead of it, such as Solana and Polkadot. The concept of an Ethereum killer has been around for a few years now, and it’s possible that one of the newer projects will eventually dethrone ETH. However, Novogratz believes that this will not happen and that Ethereum will become the next most important crypto-currency in the world.
Society must educate legislators
Novogratz also spoke about recent attempts by governments around the world to regulate cryptocurrencies. He said he listened to officials, regulators and lawmakers talking about cryptocurrencies, and it became clear that the community needs to do a much, much, much better job of educating them.
According to him, there are now many people who are very familiar with the cryptocurrency space. They understand because they have experienced it themselves. However, those who will pass laws related to cryptocurrencies are also those who have never directly interacted with cryptocurrencies. In this sense, it is society’s responsibility to inform the legislature as best as possible.
He sees this as the community’s responsibility, especially since the community itself will be most affected by legislation on cryptocurrencies that lawmakers develop in the future.For the uninitiated, Bitcoin was launched in 2009 by a pseudonymous developer named Satoshi Nakamoto. Since then, it has become the gold standard for digital money, and by some measures it is now the most widely used cryptocurrency in the world. Its value soared to over $19,000 in December, and it is now trading at slightly less than $11,000. Falling behind Bitcoin, the second most popular cryptocurrency is Ethereum, which was launched in 2015. It has garnered significant attention from financial heavyweights like Mike Novogratz, who has called it “the most promising and exciting” new technology.. Read more about ethereum news and let us know what you think.
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