Home Blog

Mike Novogratz Is An Idiot

Michael Novogratz

Galaxy Digital CEO & Founder Bashes Litecoin

When it comes to the cryptocurrency market there are often two types of people: those who want to see massive growth throughout the ecosystem, and the Bitcoin maximalists. So it shouldn’t come to anyone’s surprise that the head of Galaxy Digital, a merchant bank with heavy investment in Bitcoin, would spread FUD during a brief Litecoin bull run that occurred earlier this week. Litecoin prices shot up from around $60 a coin to $99 a coin in the span of 48 hours, as volume and market cap skyrocketed. During this time same, Bitcoin cracked the $5,000 level. This should have been a positive for everyone invested in the crypto and alt coin markets, but leave it up to a Bitcoin maximalist to shit in the swimming pool when everyone is having a good time. Step in Michael Novogratz!

Litecoin News Today

Now it is easy to see why someone who has stuck his neck out publicly as a supporter of Bitcoin while also being heavily invested in the cryptocurrency would want to see his reputation and investments succeed. But what does that have to do with the faster, cheaper and more user-friendly cryptocurrency built off the original Bitcoin code: Litecoin. The reason is because Novogratz is an idiot. He knows the bear market is nearing its end and when hundreds of billions of dollars pour back into the crypto market this year and in 2020 much of that capital will likely go to the alt coin market. That means crypto assets such as Litecoin are most likely to get the bulk of investor interest in the coming bull market as people begin looking for the best alt coins to buy 2019.

So what does a Bitcoin maximalist with billions invested in Bitcoin do to combat the inevitable shift in market sentiment? He bashes the coin with the highest market cap that is most likely to be Bitcoin’s competition.

Ethereum is trying to be the world’s super computer, and XRP wants to be a real time gross settlement system for cross border currency exchange. EOS? Well everyone is still waiting on what EOS is going to do. Ethereum, XRP, and EOS are all defined as cryptocurrencies but they are not true cryptocurrencies in the sense they could be used to purchase a cup of coffee. Litecoin aims to be that universally adopted digital currency. This is what scares Novogratz, especially given that Litecon already surpassed Bitcoin Cash in market cap earlier this year. Novogratz has made a substantial investment in Bitcoin, his firm has billions tied to the success of Bitcoin, and his reputation could be severely dinged if Bitcoin does not continue to be the flagship cryptocurrency. The stress is likely eating away at Novogratz, especially given rumors that executives are fleeing Galaxy Digital for other opportunities. The result is a desperate man using his power of influence on social media to attract investors away from Litecoin and back into Bitcoin.

Michael Novogratz Galaxy Digital

After Novogratz’s poop in the swimming pool moment, many Litecoin enthusiasts were quick to respond to the FUD being spread.

Although critics rightfully blasted Novogratz’s idiotic remarks about Litecoin being a “glorified test net for BTC”, the biggest issue with Novogratz is that the crypto ecosystem is just dusting itself off from a long bearish stretch. The last thing the crypto community needs is finger-pointing and coin-bashing when the market is so fragile. Many crypto investors are still on the sidelines in stable coins, and many others are apprehensive about investing in the volatile market in general after prices crashed in early 2018. Negativity or FUD is the very last thing the space needs, and Novogratz should be a smart enough man to know this. His remarks were unnecessary, idiotic and unhelpful to the crypto asset space.

Alt Coins To Buy 2019

What Is An Alt Coin

Best Altcoin To Invest In 2019

The crypto winter has been thawing ever since Bitcoin reached all time highs of nearly $20,000 in late 2017, only to sink down to $3,200. Although Bitcoin has fallen dramatically from its peak value, the alt coin market is where the real bloodbath occurred. Some of the most popular alt coins in late 2017 saw upwards of 97% price corrections, leaving many new cryptocurrency investors shaking their heads. Although the boom-and-bust cycles of the alt coin market are common, many people (mostly new cryptocurrency investors) were shocked to see coins such as Litecoin drop from approximately $375 to $25. However, that was then and this is now. Today, the sentiment within the cryptocurrency market has began to show signs of excitement and a feeling that the bottom has been established. With a renewed sense of optimism growing within the cryptocurrency community, many investors are now asking what are the alt coins to buy 2019?

Crypto Alt Coins

Top Alt Coins Of 2019

In late 2017, many alt coins went from relatively unknown to providing early investors with anywhere between 20-50x ROI. In many cases, the astronomical returns happened in less than 6 months! The numbers were absolutely breathtaking as you can see from the list below of some of the most talked about alt coins during the last crypto bull run:

July 17th 2017January 10th 2018
OMG 38 centsOMG $25.40
Litecoin $36.18Litecoin $248.07
NEO $5.06NEO $127.24
ICX 41 cents * October 27thICX $12.27

Although new all time highs are something many crypto analysts anticipate seeing, it is important to note that current crypto market is still feeling the sting of a long bearish trend. Therefore, those interested in finding the best crypto to invest in 2019 should really be cautious when dealing with any of the coins outside of the top 15 coins according to market cap. Even though our experts still anticipate good things from coins such as Monero, Z-Cash, OmiseGO, NEO and other alt coins outside of the top 15, given the current market conditions the best strategy would be to stick with alt coins with a track record of success. Alt coins with a good reputation, age and market cap. That is why these will be the best alt coins to invest in 2019.

  • Litecoin (LTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH ABC)
  • Cardano (ADA)
  • EOS

What is the best exchange to buy Cryptocurrency?

Investors looking to take advantage of the buying opportunities presented from the bear market will want to check out Binance when it comes to investing in alt coins. The reason is because Binance offers a wide variety of alt coin investments, but also requires any coin to meet certain requirements before being listed. One of those being a listing fee of nearly $3 million dollars, making it very difficult for scam coins to get on the cryptocurrency exchange.