Mike Novogratz Says Not Bitcoin Will Change the World But Web 3.0
Galaxy Digital CEO Michael Novogratz said at ConsenSys’ Ethereal Summit on May 11th that Bitcoin (BTC), is not going to change the world as it is just a store of value.
Novogratz made his comments during a speech entitled “The Herd Is Still Coming!” at the industry event.
Starting with bitcoin, “as it came first,” Novogratz claimed that the coin has “really establishing itself as a store of value,” noting that it is “kind of finished” in terms of fulfilling its use case as a store of value. Novogratz also compares the asset to gold, arguing that both have value as a social construct.
Since bitcoin acts as a “digital gold,” it is “not going to change the world,” Novogratz argued. He further stated that instead it is web 3.0 that “has the potential to change the world.” According to Novogratz, web 3.0 envisions a revolution in how networks function and data is treated as it is “a decentralized platform to process information. It’s separating data from the processing of it.” He noted that public ecosystems such as Ethereum and “lots of competitors are all vying for this space.”
While comparing various cryptocurrencies with chemical elements in the periodic table, Mike also considered the role of altcoins, hinting that each coin will have “to prove themselves out” in order to provide a certain use case.
Novogratz further said:
“If you really think bitcoin is gonna win this store of value, everything else needs to be used for something.”
Novogratz recently made yet another bitcoin prediction, claiming that the major cryptocurrency will beat its all-time-high record of $20,000 within the next 18 months.