Billionaire Mike Novogratz Says He Was Wrong About XRP, Retracts Skepticism on Altcoin’s Lasting Power

Crypto billionaire Mike Novogratz is walking back his past skepticism of XRP.

In a new interview on Real Vision, the chief executive of crypto investment firm Galaxy Digital says he was initially dubious about XRP because of the amount held by San Francisco payments company Ripple.

“I was skeptical that XRP would have lasting power because Ripple the company owns 60% of them, now 55% or 50%. And I was like, ‘That just doesn’t seem [like] a proposition that’s going to work.’ And I’ve been dead wrong. Hats off to [Ripple CEO] Brad Garlinghouse and his team. Ripple is now an institution. The XRP army is real. They care about their ecosystem and their coin.”

XRP is trading at $0.622 at time of writing.

In the same interview, Novogratz also expressed doubt that Bitcoin (BTC) will ever be used as a currency for retail transactions.

“I don’t think Bitcoin will ever be a currency that we buy Pepsi cola with. It started off [and] people bought illicit sh*t with it, but no one’s buying stuff with Bitcoin. As much as people will talk Lightning [Network] and other things, yeah you might use the infrastructure, but you’re not going to use Bitcoin as a transaction currency.” 

At time of writing, Bitcoin is worth $41,859.

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