The capabilities as well as potentialities of Bitcoin has always been debatable as the opinions of the masses sometimes don’t seem to match.
Michael Novogratz, the CEO of Galaxy Digital , recently said that although Bitcoin has been the world’s largest cryptocurrency, it doesn’t have the power to change the world. During his speech at ConsenSys’ Ethereal Summit on May 11, Michael started his speech with complete emphasis on Bitcoin as he said that this coin is much like gold as both have value as a social construct.
What does Michael actually believe in?
Throughout his speech there were a few things that made Micheal’s opinion towards Bitcoin quite clear.
He perceives Bitcoin as a “digital gold” which simply represents a store value. Now because of this belief, Michael is quite sure that Bitcoin lacks the potentiality required to change the world.
Well as his speech went on, he actually pointed out that its not Bitcoin but Web 3.0 that has the capability to change the world.
When asked the reason behind such confidence in Web 3.0, Novogratz stated that Web 3.0 is something that envisions a revolution in how networks function and data is treated as its a decentralized platform to process information. He further said in his speech the following words:
“If you really think bitcoin is gonna win this store of value, everything else needs to be used for something.”