Michael Novogratz Talks About The Potential Of XRP To Become One Of The Most Dominant Cryptocurrencies

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Michael Novogratz of Galaxy digital made a series of tweets related to Ripple and Bitcoins. 
  • Brad Garlinghouse, the CEO of Ripple, for what he has been doing.
  • Michael said that on looking at a broader market in 2020, one could find that XPR has outperformed BTC, and it came as a surprise to him.

Michael Novogratz of Galaxy digital made a series of tweets related to Ripple and Bitcoin. Throughout tweets, Michael Novogratz talked about the fact that Galaxy has been investing huge amounts in Ripple, and he wants to see Ripple succeed.

He appreciated Brad Garlinghouse, the CEO of Ripple, for what he has been doing.

 

Michael also said that on looking at a broader market in 2020, one could find that XPR has outperformed BTC, and it came as a surprise to him. He has noticed that more and more users are trying to understand the market and are leaning towards Bitcoin. They seem to consider Bitcoins to be perfect crypto assets on the basis of risk bias.

He also mentioned that Bitcoin has become a key component in macro portfolios and is like a digital version of Gold. All the remaining cryptocurrencies are considered to be a risky bet and will be considered so unless they become more useful. However, he mentions that Ethereum has the potential of developing a similar level of trust to that of the Bitcoin.

As for the cryptocurrencies like XPR, they are still in a situation where they need to prove their worth. They won’t go much further if they keep following the path taken by the Bitcoin. XRP has a large following in Asia, but the supply is too large to be absorbed by them alone.

In the end, the price of XRP will be determined quite similar to that of other commodities. If the number of sellers exceeds the buyers, the price will drop. So, the company needs to distribute the currency in a rational way and ensure that it accounts for stability in the long run.

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