Bitcoin is just a store of value and as such won’t change the world, according to Galaxy Digital CEO Michael Novogratz.
Speaking this week 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, he added. “If you really think Bitcoin will win this store of value, everything else needs to be used for something.”
Out of the rubble
Earlier this week, 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 added. 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”.