Bitcoin, the top-ranked cryptocurrency is certainly enjoying the current run in the market of crossing $7,000 resistance level. Most of the bitcoin bull expert’s predictions are coming true. However, few people are sharing their opinion and predicting the future of Bitcoin depending on its positive market performance. This time it’s the CEO of Galaxy Digital, Michael Novogratz. He was the Wall Street Executive and also a Bitcoin enthusiast.
According to Novogratz, he shared his view at ConseSys Ethereal Summit, took place on 11th May 2019 and highlighted the point Bitcoin is nothing more than digital gold and a store of value. He continued mentioning most blockchain fans believe it to be the future digital currency of technology, but it’s not true. Bitcoin only acts as a medium-of-exchange (MoE) and store-of-value (SoV).
Nevertheless, people who were attending the summit believed that Mike Novogratz was lowering the value of Bitcoin and even criticizing its current value, but they were shocked when he is forecasting the future of Bitcoin price by saying Bitcoin might reach its peak level of $20,000 within two years.
Bitcoin Compared to Other Asset
Galaxy Digital CEO, a service crypto merchant bank has compared the leading digital currency of the world to traditional gold. He mentioned traditional gold and bitcoin both are more valuable due to the value it received from society. Novogratz, who has graduated from Princeton University, believes Bitcoin to be a digital gold and must be, used a store of value and it will not revolutionize the world. Further, he started boosting the platform of Web 3.0, which according to his opinion, can transform the world.
He said: bitcoin has“really establishing itself as a store of value,” and bitcoin is“kind of finished.”
The digital currency was not only compared with gold, but with other crypto assets and with other components of the periodic table, signaling that they have no any other option than proving their use to establish themselves in the crypto market.
Web 3.0 will bring change to the World and not Bitcoin
Web 3.0 proposes to change the functionality of the network, and the information might be represented on a separate platform, mostly to arrange and control the data, the public blockchains like Ethereum would be an important part of the upcoming economy. Meanwhile, few smart contracts platforms are offering solutions similar to what Ethereum is providing. Web 3.0 is a set of progressive protocols and standards meant for new and technological advanced World Wide Web (WWW); it can change the way business is organized and might even enhance people’s interaction. Novogratz underlined that Web 3.0 is“a decentralized platform [for] processing information.” It will further enhance the decentralized data storage and processing platform.
Altcoins needs to prove their usefulness
Altcoins needs to prove its value. You heard it right! According to Mike Novogratz, altcoins have not proved their market worth, and before that, they need to “prove themselves.” Altcoins belonging to cryptocurrency family is not only sufficient to increase their value; they need specific uses to be the provider of value and not only store of value.
“there is no one building anything on the litecoin blockchain”
there are various applications that are developed on the Ethereum network.