Mike Novogratz: Web 3.0 Will Change the World, Not Bitcoin

You have a red bag Bonus For You ~ Click And Find Tokens

The world’s largest cryptocurrency, bitcoin (BTC), is not going to change the world as it is just a store of value, Galaxy Digital CEO Michael Novogratz said at ConsenSys’ Ethereal Summit on May 11.

Major bitcoin bull and former Wall Street exec Novogratz made his comments during a speech entitled “The Herd Is Still Coming!” at the industry event, which Cointelegraph attended as a media partner.

Starting with bitcoin, “as it came first,” Novogratz claimed that the coin has “really establishing itself as a store of value,” noting that it is “kind of finished” in terms of fulfilling its use case as a store of value. Novogratz also compares the asset to gold, arguing that both have value as a social construct.

Since bitcoin represents a store of value or acts as a “digital gold,” it is “not going to change the world,” Novogratz argued. He further stated that instead it is web 3.0 that “has the potential to change the world.” According to Novogratz, web 3.0 envisions a revolution in how networks function and data is treated as it is “a decentralized platform to process information. It’s separating data from the processing of it.” The investor noted that public ecosystems such as Ethereum and “lots of competitors are all vying for this space.”

Comparing various cryptocurrencies with chemical elements in the periodic table, Mike also considered the role of altcoins, hinting that each coin will have “to prove themselves out” in order to provide a certain use case. On this note, Novogratz argued out that “there’s no one building anything on the litecoin blockchain,” as opposed to the Ethereum blockchain, referencing a recent tweet of his.

Novogratz elaborated in his talk:

“If you really think bitcoin is gonna win this store of value, everything else needs to be used for something.”

Recently, Novogratz made yet another bitcoin prediction, claiming that the major cryptocurrency will beat its all-time-high record of $20,000 within the next 18 months.

Meanwhile, crypto markets have rallied since Friday, with bitcoin surging over 10% today to press time, breaking over the $7,000 threshold after trading around $4,000 for most of 2019.

  • 40
Block
Add Reply
Feedback |

Good morning

Add Reply
expand

Support you

Add Reply
expand

Good afternoon.

Add Reply
expand

Come and support

Add Reply
expand

Come and support

Add Reply
expand

Come and mining       

Add Reply
expand

Thanks for your sharing. 

Add Reply
expand

Thank you

Add Reply
expand

for sharing

Add Reply
expand

Support

Add Reply
expand

Mining

Add Reply
expand

Support 

Add Reply
expand

Mining 

Add Reply
expand

Support Landlord            

Add Reply
expand

Thanks  your sharing 

Add Reply
expand

Mining 

Add Reply
expand

Mining support               

Add Reply
expand

Thank you  for sharing. 

Add Reply
expand

Good evening        

Add Reply
expand

support

Add Reply
expand

Nice sharing        

Add Reply
expand

Good evening. 

Add Reply
expand

support~

Add Reply
expand

Support and  mining          

Add Reply
expand

Nice sharing       

Add Reply
expand

Good evening         

Add Reply
expand

Support 

Add Reply
expand

support······      

Add Reply
expand

mining ······         

Add Reply
expand
You should login to reply
You will reward to {{ username }}

Available Balance: {{balance}}

≈ $ {{usdtAmount.toFixed(2)}} (The reward commission rate is 10.0%)

New Favorite Bag

Add To Favorite You can create multiple favorites and classify the topics. Please select the favorites you want to add.
{{ favoriteBag.title }} {{ favoriteBag.favorites_count }}Topics

{{ text }} OK
fa-bars fa-arrow-up