Novogratz Expresses Surprise at XRP’s Outperformance of BTC in 2020
Speaking at the LINC 2000 conference a week ago, Galaxy Digital’s CEO Mike Novogratz stated that Bitcoin would outperform XRP by a wide margin this year.
Novogratz took to Twitter to explain his bearish call on XRP in light of his conference’s utterances. He registered his astonishment at XRP’s and the overall altcoin market’s performance so far in 2020. By the time of going to press, XRP and BTC prices had appreciated by 43 and 36 percent, respectively. That said, Novogratz maintains that the institutional investors he’d targeted in his address, retained their focus on BTC still.
He reiterated that while speculation drove investments in other cryptos, Bitcoin would continue to firm its status as a digital store of value in micro portfolios.
However, Novogratz alluded that both ETH and XRP are in the “proving phase.” He concluded his tweets by drawing his followers’ attention to the fact that Ripple still owns more than 50% of the XRP’s total supply. He holds that Ripple needs to prudently distribute its share of XRP for it to gain global usage.
Novogratz is a household name in crypto investment circles. He managed a hedge fund formerly and gained popularity for his Bitcoin and Ethereum sales that netted him $250 million before the 2017 crypto bubble burst.
by Olowoporoku Adeniyi
by Kyle Akihiko
by Kyle Akihiko