Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

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Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’
Litecoin retreats from the high close to $100 and gets stuck in a range. Sell Litecoin and buy Bitcoin, says Galaxy digital founder and CEO Mike Novogratz.
Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

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Litecoin [LTC] is a glorified testnet for Bitcoin; sell LTC and buy BTC, says Mike Novogratz

Litecoin [LTC], the Vegeta to Bitcoin’s Goku and the silver to Bitcoin’s gold, has been making headlines with news pertaining to its adoption, price, and upgrades. The fourth-largest cryptocurrency has been going north since the past two months, with the coin smashing some key resistances. Additionally, the silver coin gained momentum during the bull run that took place earlier this week, resulting in the coin breaching the $90 mark, while Bitcoin crossed the $5000 mark.
However, the coin’s surge was questioned by one of the well-known influencers in the space, Mike Novogratz. According to CoinMarketCap, at press time, the coin had taken the second position in terms of the biggest gainer in the past 24 hours, with a hike of over 6 percent. The cryptocurrency was trading at $86.87 with a market cap of $5.27 billion and a significant rise of over 40 percent in the past seven days.
The Founder of Galaxy Digital also prompted the community to sell their Litecoin holdings and buy Bitcoin. He tweeted,
“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”
Twitter user, Jon Moore, responded to Novogratz,
“Like most rich out of touch Billionaires you have No clue about the use case for payments. LTC is much cheaper to send, 4 times faster than BTC and is also compatible with Lightning Network. People actually use LTC dude!!”
Apart from this, some in the community have also pointed out upgrades such as MimbleWimble and the upcoming halving, whereas others stated that Litecoin’s transaction cost and speed were better than the digital gold, Bitcoin.

@naval, another Twitter user, said,
“Your general point stands. IMHO the gap exists because $LTC represents the scenario in which $BTC was the correct design, but a one-time flaw or external action takes down $BTC and leaves $LTC as the heir to the Shelling Point. Gold and Silver don’t really have that dynamic.”
The post Litecoin [LTC] is a glorified testnet for Bitcoin; sell LTC and buy BTC, says Mike Novogratz appeared first on AMBCrypto.
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Bitcoin Price Chart Shows How Surpassing Gold’s Market Cap Is “Easily” Feasible

Bitcoin, to many, is the digital equivalent of gold – one of the world’s first ever currencies, means of exchange, and stores of value. According to crypto bull Mike Novogratz, one day, Bitcoin’s market cap will surpass that of gold’s.
After the lofty prediction was made, crypto analysts took to Bitcoin price charts hoping to outline the trajectory that could take the first-ever crypto to a market cap of over $7.5 trillion. One crypto analyst, using Bitcoin’s long-term logarithmic growth chart, shows how BTC reaching such a feat is entirely “feasible.”
Mike Novogratz: Bitcoin Market Cap Will “Easily” Surpass Gold
This week, Galaxy Digital CEO and founder Mike Novogratz joined Morgan Creek’s Anthony “Pomp” Pompliano on the Off The Chain podcast he hosts. There, the outspoken crypto bull suggested that Bitcoin could “easily” reach a similar market cap as gold’s $7.5 trillion cap over the course of the next 20 years.
Related Reading | Precious Metals Firm Drops Crypto: Is the Bitcoin Digital Gold Narrative In Trouble?
Novogratz added that it would require BTC to “100x” from today’s prices of approximately $3,950, but clarified that crypto investors shouldn’t expect it get there “in the next year or two.” It’s a long-term goal for Bitcoin’s market cap, according to Novogratz.
Bitcoin Price Chart Shows Growth Trajectory to $7.5 Trillion Market Cap
Following Novogratz and his highly-publicized podcast remarks, crypto Twitter began digging into how Bitcoin price might eventually reach the heights discussed by the Galaxy Digital CEO.
Prominent crypto analyst Dave the Wave, known for his analysis of longer-term Bitcoin price charts and trend changes, shared a 50-year chart of BTC’s market cap using the logarithmic growth rate to highlight its path to $7.5 trillion.

Yes, according to the curve…. pic.twitter.com/TxyzgMQ4tt
— dave the wave (@davthewave) March 25, 2019

Considering the chart’s growth trajectory, Bitcoin can be expected to peak some time around the year 2045, and from there it will begin to stabilize. At that point, it will become a more realistic store of value and currency due to volatility  essentially disappearing from the asset.
Related Reading | Poll Reveals Majority of Crypto Investors See Bitcoin Price at $100,000 to Millions Long-Term
At such an astronomical market cap, the price per BTC would be near $360,000 each assuming all BTC is mined by the time the target is reached in 2045. Despite such a seemingly unrealistic number, the $7.5 trillion market cap of BTC would only represent a mere under 2.5% of the entire global wealth, which is currently at $317 trillion according to The Credit Suisse Research Institute’s Global Wealth Report.
If Bitcoin were to absorb much of the world’s transactional value by becoming the global currency for the internet as many believe it may, BTC may eventually reach the potentially “millions” in value that most cryptocurrency investors expect it to. It just won’t happen for another 25 or more years.
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Bitcoin [BTC]: Mike Novogratz says people should bow down to Satoshi Nakamoto and thank him

Bitcoin advocate and billionaire Mike Novogratz was in the news again after he said that people should bow down to Bitcoin’s creator, Satoshi Nakamoto, and thank him for the world’s largest cryptocurrency. A leading voice in the crypto ecosystem, Novogratz appeared in an exclusive video with the founder of Morgan Creek Digital, Anthony Pompliano.
Novogratz is of the opinion that all kinds of funds, be it crypto or hedge, should own some amount of Bitcoin. He also called the digital asset “sovereign money”. Talking about BTC’s fundamental technology, the blockchain, he added that Bitcoin, originally a social experiment, had become “sovereign money” and held a market cap of $71.80 billion.
Novogratz also drew parallels with gold, a store of value. Novogratz claimed,
“Bitcoin provides a really interesting alternative to gold.”
He was previously in the news when he claimed Bitcoin will eventually become the digital gold, at the MENA summit 2019.
Bitcoin’s prices rose to breach the $4,000 mark recently, following the recent market surge led by the market’s altcoins. There is architecture in place to facilitate adoption and accessibility, the billionaire said, predicting that over a period of twenty years, Bitcoin was going to be “in the game.”
Novogratz also serves as a member of the Investment Advisory Committee on Financial Markets, at the Federal Reserve Bank of New York. While talking about his first tryst with Bitcoin as a member of the committee, Novogratz said that the committee viewed cryptocurrency more as a payment system than a currency. However, many in the Federal Reserve did love the idea of blockchain technology as a store of value, he said.
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Mike Novogratz: Another BTC Value Surge is About to Happen

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Mike Novogratz: Another BTC Value Surge is About to Happen
As Bitcoin (BTC) is clinging on to its $4,000 price tag, major crypto figures are betting big on a potential bull run. However, it doesn’t necessarily mean that cryptocurrency investors should get too carried away by the recent price uptick.
Mike Novogratz: Another BTC Value Surge is About to Happen

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Bitcoin [BTC]: Architecture for rich institutions to safely store Bitcoin is being built, says Mike Novogratz

Bitcoin proponent Mike Novogratz, spoke at the MENA Summit 2019, where he discussed the volatility of Bitcoin and cryptocurrency markets and its transition into a store of value and a competitor for gold.
The world had witnessed a “once in a generational bubble in cryptocurrency” which was oozing with volatility, he said. He further added that volatility would eventually come back, some of it owing to U.S government politics.
Mike Novogratz also said that politics would create a period of volatility, affecting a rally where people would “buy the dip market and not stay long market.” Speaking about the drawbacks of the traditional markets, Novogratz stated,
“One of the real reasons everybody should have one percent of their portfolio in Bitcoin are these reasons. Bitcoin is becoming a digital gold and really the only crypto that has value just because it does. It is the hedge against these Minsky Moments…”
He continued,
“If we start having a real financial crisis, the breakdown in trust in government securities, then it’s going to skyrocket ’cause it really is hard money… it’s going to replace gold.”
Novogratz also said that Bitcoin’s store of value was one of the reasons why financial institutions were getting into the crypto-space.
Fidelity and NYSE are some of these institutions that have shown a liking towards Bitcoin. To this, Novogratz said that these institutions would become, “the architecture for the rich guy and rich institutions to safely store money in Bitcoin” in the upcoming future. He said that these two institutions would start by June and pension funds would also start accumulating Bitcoin in small amounts.
@JT_XRP, a Twitter user commented,
“Mike @novogratz is the biggest bag holder of $XRP; he promotes Bitcoin because he needs to unload his bags on naive new investors. After all, he has invested in the company @Ripple”
@DutchXRP, another Twitter user commented,
“I think he is saying: Regulation is US is coming by June. From that moment, these pension company’s can hold thes assets not their balance sheets.”
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Source: AMB Crypto

US Lawyer Compares Crypto Lending Firm BlockFi With 2017 ICOs

Cryptocurrency is on the upfront bulletins of almost every industry – as such a lending platform, BlockFi hit a new announcement introducing the compound interest rate to be paid in cryptocurrency – Bitcoin and Ethereum.
Crypto Interest Account
Accordingly, New-York based BlockFi published a blog post on March 04, 2019, announcing the launch of a new cryptocurrency account that supports two largest cryptocurrencies – Bitcoin (BTC) and Ethereum (ETH). Per the announcement, the account bears 6 percent annual interest that would be further paid in mentioned cryptocurrencies. In addition to this, monthly interest earned on an amount deposited will be then turned into compound interest, resulting in 6.2 percent annually. Nevertheless, it’s worth to add that its custodial solution is taken care of by Winklevoss’s Gemini Trust Company.

BlockFi offering 6.2% on both BTC and ETH deposits changes the game. Will be interesting to see if/how centralized crypto deposit takers and lenders impact #DeFi volumes overtime. A thread:
— Ryan Todd (@_RJTodd) March 5, 2019

Indirect War
While crypto enthusiasts perceive it as a potential way to increase the wealth, on the other hand, lawyers like Jake Chervinsky compares it with the ICO ecosystem. In his latest tweet, an indirect message that would direct you think on BlockFi’s part states;
If you think crypto lending platforms enable you to become a risk-free creditor & collect interest on any size loan at several hundred basis points above the target federal funds rate in perpetuity, then I have a bridge to sell you.
On top of all, in his continuous response to the conversation, he also claimed that the concept is capturing the crowd as ICO does in the year 2017. To note, there were many ICOs introduced and disappeared shortly when Bitcoin peaked to almost $20k in 2017.

In his words;

One would hope, but I’ve seen more than one marketing effort trying to push this idea on the same crowd that threw money at ICOs in 2017.
— Jake Chervinsky (@jchervinsky) March 5, 2019

It’s worth to add that many crypto enthusiasts didn’t support his view, in a similar context, one such user, Fontaine (@Fonta1n3) explains;
I think BlockFi provides a great service that allows anyone to obtain USD denominated loans at reasonable rates and earn interest denominated in BTC. Everything has a risk but if we are going to democratize finance this is a step forward. Financialization network effect starting.
Pomp and Mike Novogratz are BlockFi’s Investors
To note, the industry’s most influential figures are already the investor in BlockFi – this was revealed when a user doubt it as a pyramid scheme. To clarify user’s doubt, Morgan Creek’s Anthony Pompliano reveals that he himself and Mike Novogratz are the investors in BlockFi. However, the amount invested in the platform is out of sight but Pomp claimed that this is a custodial service. He says;

This is a custodial service that pays interest. Definitely possible to pay 6% and in fact, there are plenty of retail and institutional investors who have been using the product and getting paid already 🙂
— Pomp 🌪 (@APompliano) March 5, 2019

What’s your view on BlockFi? Do you agree with Jake or are you optimistic as Pomp? Share your thoughts with us.
The post US Lawyer Compares Crypto Lending Firm BlockFi With 2017 ICOs appeared first on Coingape.
Source: CoinGape

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

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Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

Grayscale revealed that Bitcoin products were invested in most, with 66 percent of inflows received from institutional investors.

Institutions Bet on Bitcoin Despite Year-Long Bear Market, Grayscale’s Report Reveals

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Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

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Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

Mike Novogratz has announced once more that he is confident bitcoin will become a store of value in future even overtaking gold for that purpose to become the ultimate digital gold.

Mike Novogratz Argues that Bitcoin Will Eventually Become Digital Gold

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Bitcoin [BTC] proponent Mike Novogratz predicts the transition of BTC into ‘digital gold’

According to Galaxy Digital Holdings Ltd. founder Mike Novogratz, Institutional money should start to flow in this market within the next year. The founder in an interview with Bloomberg said:
“All the architecture that institutions need to feel comfortable with this is being put in place. You’re going to start to see custody come online” by the middle of March, making way for “smart money” make an entrance in a serious way.”
Once there are custody solutions form the likes of Fidelity, multinational financial services corporation, institutions could start to enter the digital-asset space. As per the publication, Novogratz informed that Fidelity has 200 or 300 customers interested in investing in crypto. However, he warned that not all money managers would run in at once because people would like to test the waters before engaging capital.
As per the former hedge fund manager and Goldman Sachs Inc. partner, in the coming 12 months, there are going to be “institutions put a small amount of their assets” in digital currencies.”A small number of institutional assets is a lot of money,” informed the crypto enthusiast who once was a high-profile Wall Streeter.
Novogratz said that this flow will set the stage for a rally. He added that this flow will take Bitcoin to $80,000, versus the price of around $3,582 as of 8:30 a.m. in London. Bitcoin [BTC], the largest token in the cryptocurrency market had peaked till $19,000 in December 2017 after which it miserably fell and bottomed at approximately $3,136 in December 2018.
Novogratz also speculated in the interview by the publication that the next runup could possibly separate Bitcoin out from a lot of other cryptocurrencies, repeating himself that Bitcoin is going to become “digital gold”.
At press time, Bitcoin [BTC] was valued at $3,617.93 with a market cap of $63.4 billion. The coin reported a 24-hour trading volume of $6.5 billion while noting a fall by 0.40% in the past day and 0.37% in the past hour.
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Bitcoin To Be Digital Gold, Galaxy Digital Founder Talks on ‘Bitcoin Recovery Phase’

So during a Bloomberg Daybreak show in Europe, today on Feb 13, 2019, Mike Novogratz of Galaxy Digital discusses something very interesting that many investors, traders and crypto enthusiasts were waiting to listen. He says ‘we are in the fresh phase of recovery in crypto’.
We’re at Recovery in Crypto
In a discussion, Mike talks about the bitcoin bubble, occurred in late 2017, the nature of institutional investors and the future of Bitcoin. During the interview today, Mike was quite optimistic about the future of Bitcoin. While asking the phase of crypto enthusiasts are experiencing at present, Mike recalls price of Bitcoin in end 2017 and states it as ‘a fantastic bubble in crypto’.
We had a fantastic bubble in crypto. Last year we realized how painful the bubble can be.!said Mike
Pointing towards 2018 that showed 98% loss, then 68% and then 65% eventually, he calls it ‘a recovery phase’. Noting these stages in the crypto market, Mike believes that last year, the crypto market had a recovery’.
Bitcoin is Going to Be Digital Gold
Talking about the future of Bitcoin, he says that Bitcoin would be different from other cryptocurrencies, pointing Bitcoin as a digital Gold. He states that Bitcoin is a sovereign which will be surrounded by guns as it must have security. In his words;
Bitcoin gonna be a Digital Gold. There is gonna be where sovereign money – a place where you have sovereign money. US money is not Chinese money, it is sovereign. Sovereignty would cost a lot, it should cost a lot. Bitcoin is  digital.
He further compare Bitcoin with gold, as such he says ‘we keep gold, surround by guns because it is a store value’. Moreover, Mike believes not every cryptocurrency needs the same level of security. He says;
Every cryptocurrency is need not to be surrounded by guns and every blockchain doesn’t need the same level of security, doesn’t need to be surrounded by Gun.
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Source: CoinGape

Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

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Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

Bitcoin pioneer, Mark Jeffrey, who published “Bitcoin Explained Simply” (2013) and “The Case For Bitcoin” (2015), bets that Bitcoin will multiply surpass the earlier highs seen towards the end of December 2017.

Crypto Pioneer Mark Jeffrey is Sure that Bitcoin will Reach $250k, and Here’s Why

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Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

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Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field saying that he doesn’t understand why large macro funds don’t have a 1% position in Bitcoin (BTC).

Mike Novogratz: All the Big Macro Funds Should Hold at Least Small Percentage in Bitcoin

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$3 Trillion Hedge Fund Industry Should Have 1% In Bitcoin (BTC), Claims Novogratz

Although undoubtedly Bitcoin rose to worldwide fame and glory in late-2017, institutions have been slow to make a bonafide foray into this asset class. In fact, effectively zero preeminent Wall Street funds have divulged that they have taken active stakes in cryptocurrencies. Many traditionalists would argue that this is for good reason, but crypto’s enthusiasts have been left asking — what’s the deal?
Novogratz: Where Are Bitcoin Allocations From Wall Street?
In a tweet issued on Saturday, Mike Novogratz, the chief executive of the TSX-listed Galaxy Digital, made a surprising remark that came straight out of left field. The former Fortress Investment and Goldman Sachs executive, who has become a full-on crypto diehard, explained that he doesn’t understand why large macro funds, such as Ray Dalio’s Bridgewater Associates, don’t have a 1% position in Bitcoin (BTC).

Don’t understand why all the big macro funds out there don’t have a 1 percent position in $btc. Just seems logical even if your prone to be a skeptic. @RayDalio #goldproxy #animalspirits #greatriskreward
— Michael Novogratz (@novogratz) February 9, 2019

Backing his comment, Novogratz added that such a move is logical “even if you are prone to be a skeptic,” likely touching on the asymmetric risk-return profile that cryptocurrencies are best known for.
For some perspective, Winton, a British investment management firm, estimates that hedge funds worldwide hold a minimum of $3 trillion in assets. Thus, a ubiquitous 1% allocation would see $30 billion rush into BTC at the bare minimum, which would push the cryptocurrency likely beyond its late-2017 high due to fiat multipliers.
While this would be crazy in and of itself, some argue that this is just the tip of the iceberg. In an installment of Off The Chain, Anthony Pompliano of Morgan Creek Digital Assets claimed that “every pension fund (valued at ~$4.5 trillion) should buy Bitcoin.” Pompliano explained that a potential solution to solve the pension crisis, whereas such funds will likely default on some, if not most of their payments, is to simply buy cryptocurrencies. Bitcoin, for one, is a non-correlated asset, with Pomp even calling it “the holy grail of any portfolio.”

This isn’t even an unproven fact. PlanB, a leading crypto researcher, recently remarked that a 1% BTC and 99% cash portfolio beat the performance of the entire S&P 500 over the last ten years. Although the difference between the two portfolios was marginal, with mere percentage points separating their performance, PlanB claimed that Bitcoin simply has a better risk-to-return profile than U.S. equities.
In response to this, Pompliano remarked that this trend is likely going to continue over the next decade.
Bitcoin Isn’t Only A Diversifier, But A Hedge Against Fiscal Irresponsibility
Not only is Bitcoin likely going to be a great diversifier in the long haul, but many argue that it is a perfect hedge against poor fiscal practices from central banks, like the U.S. Federal Reserve. In a comment given at an alternative investment conference in the Grand Cayman, Travis Kling, the chief investment officer of Ikigai, remarked that the flagship cryptocurrency is the perfect hedge against “fiscal and monetary policy irresponsibility.”
Kling, a former Point72 portfolio manager even likened Bitcoin to a credit default swaps (CDS) against central banks’ enamorment with printing money. The Ikigai head, who made a sudden U-turn at the peak of 2017’s crypto boom, as he downed a red pill to foray into cryptocurrencies, remarked that he’s wary of the build-up of debt on government balance sheets. Kling even stated that the monumental rise of enlisted quantitative easing (QE) strategies is “how you would write the script” for the adoption of cryptocurrencies, especially ones that are fully decentralized, the world over.
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Bitcoin Price Prediction for 2019: Experts View

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Bitcoin Price Prediction for 2019: Experts View

John Ryan, experienced writer and crypto enthusiast, takes a look at major Bitcoin price predictions by industry’s top experts, unveiling what we can expect from the main cryptocurrency in 2019.

Bitcoin Price Prediction for 2019: Experts View

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