“Web 3.0 Will Revolutionize the World, Not Bitcoin” says Galaxy Digital CEO Michael Novogratz

Home » “Web 3.0 Will Revolutionize the World, Not Bitcoin” says Galaxy Digital CEO Michael Novogratz

Galaxy Digital CEO Michael Novogratz believes that if any technology is likely to change the world in future, Bitcoin is definitely not the one. The CEO made this statement at ConsenSys’ Ethereal Summit on May 11. He was reported to have said that BTC is just a store of value and there is no unique attribute or potential associated with the digital currency.

In his speech titled “The Herd Is Still Coming!” the Wall Street Executive made this controversial statement about BTC. He is of the opinion that BTC only has pioneer status and has established itself as a store of value only.

He also said it had nothing special to offer in terms of use case apart from being a store of value. He argued that both BTC and gold are the same as they have no real value except the value attached to it by the populace which is more of a social construct.

In his words, BTC can be classified as a “digital gold,” that it does not have the capacity to change the world or become the future of technology. He continued by saying instead that it is web 3.0 that is likely to and has the prospect of changing the world.

”It is not going to transform the world,” “it is web 3.0 that “has the potential to change the world.”

Novogratz said that he envisions web 3.0 would start a revolution on how the entire network functions and how data is treated as a decentralised system to process information. He also added that public ecosystems like Ethereum and other competitors are all looking to join this space.

He further compared cryptocurrencies with periodic table elements. He believes that every alt-coin individually has to prove their mettle in terms of use case before they can be taken seriously.

He debated that

“there’s no one building anything on the Litecoin Blockchain,”

When compared LTC to the Ethereum Blockchain, Ethereum has more use case than other alt-coin thanks to its smart contract feature.

In his tweet, he mentioned that:

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

Having said that, Novogratz also made a prediction about BTC recently claiming that the most valuable digital currency will beat the $20,000 record in 18 months from now.

For the time being, the crypto market has seen a surge in price since the 10th of May 2019. BTC is currently on a 10% increase in the past week gaining over $2000 and breaking the $7000 mark having traded at $4000 for most parts of 2019.

Source: https://cointelegraph.com/news/mike-novogratz-web-30-will-change-the-world-not-bitcoin

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