Galaxy Digital’s Michael Novogratz backs social media cryptos

"One of the payment coins will work," he comments

One of the social media payment methods is going to stick, according to Galaxy Digital Founder and CEO, Michael Novogratz.

In an interview with CNBC, he says: “I think with Facebook’s payment currency, I think Telegram will have one…you will see one of those payment coins work, and that has the chance to be a real currency.”

Real game changer

Bitcoin is just a store of value and as such won’t change the world, Novogratz said earlier this month.

Speaking at the ConsenSys Ethereal Summit, he argued that the cryptocurrency acts as a digital gold. Web 3.0 is the real game changer, being a decentralised platform that processes information. “If you really think Bitcoin will win this store of value, everything else needs to be used for something.”

Out of the rubble

Also this month, Novogratz told CNN Business that Bitcoin will, over the next 18 months, return to its all time high of nearly $20,000. “Out of the rubble, it has popped back up,” he said.

It would take something like a major hack or regulation to shatter this resurgence, he noted. And he urged crypto exchanges to self-regulate in order to bolster security, arguing that “a little bit of guard rails can go a long way”.

Novogratz also had his say on the controversy surrounding Binance. “I am shocked that even went there. Talk of forking or reorganising the blockchain is close to heresy. When the Ethereum community did it the project was like five months old. A baby. Bitcoin now has a $100 billion market cap and is a legitimate store of wealth,” he said on Twitter.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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