Mike Novogratz, the founder and CEO of Galaxy Digital, has revealed his views toward the Ripple-supported digital currency XRP have been shifting, acknowledging its significant presence in the industry and the commitment of its community, often termed the “XRP army.”
Speaking on Raoul Pal’s Real Vision show, Novogratz revisited his previous skepticism about Ripple XRP saying he was “skeptical that XRP would have lasting power” as Ripple itself owns a large supply of the digital currency.
Per his words he’s been “dead wrong” as Ripple is now an “institution” and the “XRP army is real” and cares both about the token and the ecosystem surrounding it.
Novogratz initially harbored reservations about Ripple’s substantial control over XRP’s supply, fearing it could negatively impact its business strategy. However, Ripple’s persistent growth and resilience have led Novogratz to reevaluate his position.
Turning his attention to Bitcoin, Novogratz expressed doubts about its practicality as a commonly used currency for everyday transactions, noting that despite Bitcoin’s initial design as a transactional currency, it has not gained widespread adoption for purchasing goods and services.
Novogratz also offered insights into the U.S. government’s recent fiscal policies. He noted the considerable increase in government spending, which now represents about a quarter of the country’s GDP. While acknowledging that this spending has boosted the economy, he warned of potential long-term effects, hinting at future challenges.
Novogratz was also skeptical when it comes to the potential of a spot Ethereum exchange-traded fund, compared to a spot Bitcoin ETF, suggesting an Ethereum-based fund’s performance might rely on the inclusion of staking rewards to attract inflows.
Featured image via Unsplash.
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