XRP’s Performance Better Than Bitcoin in 2020, says Novogratz
The CEO of Galaxy Digital, Mike Novogratz, spoke at LINC 2020 conference in the previous week. He said Bitcoin will perform better than XRP by a wide margin this year.
Following his words at the conference, Novogratz has been explaining his bearish call on XRP on Twitter. He expressed his surprise at the performance of XRP and the altcoin markets so far in 2020. At press time, the prices of XRP and BTC have increased by 43 and 36 percent, respectively, this year. Nevertheless, Novogratz said the focus of the institutional investors he was addressing is still on BTC.
2. This year the broader alt market, including $XRP has outperformed $BTC. This has surprised me. That said, I see more and more large accounts getting educated and set up to be accumulators of $BTC snd believe on a risk adjusted basis it’s the best place to bet on crypto.
— Michael Novogratz (@novogratz) February 6, 2020
He continued that Bitcoin was able to cement its status in macro portfolios as a digital store of value, while investments in other cryptos are based on speculation. Some could provide long-lived value if they appear beneficial.
Nevertheless, Novogratz noted that both ETH and XRP remain in the “proving phase.” He ended his tweets by reminding his followers that Ripple still owns over 50% of the aggregated supply of XRP. According to him, Ripple needs to distribute the XRP it owns in a sensible manner in the process of coming up with a real-world use case.
Novogratz is known for his investments in the cryptocurrency space. He is a former hedge fund manager and he noted his sales of Bitcoin and Ethereum valued at 250 million prior to the bubble burst that happened in 2017.