cryptocurrency

Cryptocurrency Plans Are Wildly Important Per Novogratz

May 27, 2019 0 Steven Anderson By Steven Anderson

Mike Novogratz, CEO of Galaxy Digital, is a proponent of tokenization.  He thinks that Elon Musk should stand in favor of tokenization.

SpaceX has launched several satellites into Space on Friday Morning.

Novogratz tweeted: “Wish they would tokenize @SpaceX…This is very cool. Hats off @elonmusk.”

Novogratz strongly believes that security tokens, which are cryptocurrencies which represent ownership in other asset types, might upend Wall Street.

Novogratz recently discussed the Facebook Globalcoin in a recent interview. He stated that cryptocurrency plans are wildly important when it comes to Bitcoin adoption.  He, however, opined that Bitcoin would not be a payment currency; however, it will be a stored value just like gold.

When an interviewer tried to draw parallels between Facebook’s Stablecoin and several other coins which failed, Novogratz dismissed that notion:

He stated, “Facebook is wildly important for the ecosystem. Here we have one of the biggest companies in the world say ‘cryptocurrencies will be a part of our future’ if you believe [Facebook] will have a stable-ish coin or a coin which will be linked to some basket of currencies.”

The GlobalCoins utility will be to serve as payment currency.  It will not infringe upon Bitcoin’s turf as a “Digital Gold.”

Novogratz opines that Bitcoin will serve as a store of value just like gold and people will perceive it as a store of value. 

Novogratz has a very high opinion of Facebook’s payment coin that he feels that it will become a real currency, which means it will be more than a niche curiosity.

The macro trader turned Bitcoin bull warrants a need in changes to capitalism and a possible tax on Wall Street, thus floating an idea of the “Wall Street Tax.” He strongly feels that Bitcoin will leave its smaller peers into the dust.

In the opinion of Novogratz, transaction taxes are interesting yet controversial ones.  He talks about the importance of the redistribution of wealth, and he feels that there are many ways of doing that.

When talking about Altcoins, Ran Neuner, the host of CNBC’s cryptotrader stated that the market is still running and that we have not seen any crazy pumps.  There will be pumps where coins will do 40% in a day.  He questioned Novogratz on whether it is coming? To that, Novogratz replied, “Not this time, the market is getting smarter. BTC will outperform.” Bitcoin continues to be dominant.

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