Ethereum News: Mike Novogratz, the current CEO of Galaxy Investment Partners, which focuses on crypto investments such as Bitcoin and Ethereum, does not underestimate the possibility that Ethereum could eclipse Bitcoin. The notoriously rich was rated a billionaire by Forbes in 2007 before the financial crisis of 2007-2008 and then regained his wealth after investing in cryptocurrencies. He says he made $250 million in cryptocurrency in 2017.
Galaxy Digital CEO Mike Novogratz said during an interview with Bloomberg on June 30 that Ethereum could one day potentially replace Bitcoin.
“I think Ethereum will most likely become the second-largest or perhaps the largest cryptocurrency one day.”
Novogratz mentions that Ethereum has a “very different use case” compared to its flagship cryptocurrency.
While Bitcoin is a “beautifully designed” store of value, it can serve as the base layer for its biggest competitor (Ethereum), Web 3.0. However, he also points out that Ethereum faces tough competition like Solana, Terra and other ecosystems. The crypto king predicts that whatever will be built on top of Ethereum or other platforms will reach mind-blowing levels in the next five years.
When asked if his clients are concerned about the ongoing market correction, Novogratz said that the crypto revolution is still in its early stages. For this reason, he stated that no one actually thinks that crypto will disappear. Saying that there is no need to worry about regulations, Novogratz believes that the regulation will further strengthen the industry. However, he also noted that the cryptocurrency community should do a better job educating lawmakers after yesterday’s congressional hearing.