Michael Novogratz recently said at the summit of ConsenSys’ Ethereal that bitcoin (BTC), one of the major cryptocurrencies, cannot revolutionize the whole world as it is merely value storage.
Michael said this while speaking to the audience at the summit conducted on 11th May 2019.
Michael, further said that Bitcoin has been instituting itself as a store of value and is kind of finalized in attaining its purpose. He compared it to gold, claiming that the gold and bitcoin both are valuable, with their value given to them and determined by society.
However, bitcoin (BTC) is just another example of gold but in the digital world and is just used as a value storage.
He believes Bitcoin isn’t really capable of revolutionizing the whole world. He also mentioned that the web 3.0 plans to revolutionize the functioning of networks and the data would be used as a separate platform for organizing and managing the information.
He furthers that, Web 3.0 is aiming at separating the process of finalizing the data and the actual the data from each other. He remarked that the contenders are competing eagerly with one another for this space.
Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don't get this rally. Sell $ltc buy $btc.
— Michael Novogratz (@novogratz) April 3, 2019
He also stated that “there is no one building anything on the litecoin blockchain” as compared to Ethereum blockchain, in reference to his recent tweet.
The comparison of cryptocurrency was not only limited to that of gold with bitcoin, but other altcoins were also compared with other elements of the periodic table, giving a hint that they have no choice other than to make their usefulness known to stay in the market.
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