Mike Novogratz Admits He Was Wrong About XRP

It seems that the important billionaire Mike Novogratz says that he was wrong about XRP. Check out the latest reports about this below.

Crypto billionaire Mike Novogratz has changed his mind about XRP. In a recent interview on Real Vision, the CEO of Galaxy Digital, a crypto investment firm, revealed that he was initially skeptical about XRP, primarily due to the substantial amount held by Ripple, the payments company based in San Francisco.

“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 currently trading at $0.622. During the interview, Novogratz expressed his skepticism that Bitcoin will ever be used 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 the beginning of this month, we revealed the fact that Novogratz also predicted that Bitcoin (BTC) is poised for a significant upswing as several bullish factors align.

In a recent interview with Bloomberg Television, the CEO of crypto asset management firm Grayscale stated that the leading cryptocurrency by market cap is preparing for an exciting journey.

Novogratz believes that BTC’s creation of spot market exchange-traded funds (ETF), its upcoming halving, and the actions of the Federal Reserve could act as major catalysts that may help the king of cryptocurrencies to reach or even surpass its all-time high by next year.