Mike Novogratz discusses buoyant Bitcoin and game changer Web 3.0

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”.

Also this week, Novogratz had his say on the controversy surrounding Binance. “I am shocked that @cz_binance 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.

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.