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!
Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don’t get this rally. Sell $ltc buy $btc.— Michael Novogratz (@novogratz) April 3, 2019
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.
Like most rich out of touch Billionaires you have No clue about the use case for payments. LTC is much cheaper to send, 4 times faster than BTC and is also compatible with Lightning Network. People actually use LTC dude!!— Jon Moore (@jonnylitecoin) April 3, 2019
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.