CEO of Galaxy Digital, Mike Novogratz, a fervent supporter of Bitcoin, who earlier talked-down on XRP’s future performance despite his company having an investment in Ripple Labs Inc., has clearly reechoed some of his sentiments about the company and the XRP token.
Last week, Novogratz, was reported to have disparaged Ripple, saying the company holds a large amount of XRP, and behind the perceived failure of the digital currency.
At the TD Ameritrade organized National LINC 2020 Conference held in Orlando, Florida, the CEO of Galaxy said Ripple willed to itself a large amount of XRP, around 60 billion, which he termed “a lot”.
He furthered that Ripple selling a lot of the digital currency makes people “less excited” about the token, this he related with the stock market.
Ripple CEO, Brad Garlinghouse, however, watered down the claims made by Galaxy Digital CEO Mike Novogratz in an online response.
Garlinghouse, in the response advised that Novogratz observe the market. He noted that XRP has outperformed Bitcoin (BTC), and the entire crypto market in 2020.
He condemned Novogratz’ action tendering analytical evidences that indicates XRP is up 44% in 2020 alone compared to the king of crypto, Bitcoin, which has only seen 33% growth this year.
Garlinghouse spoke about previous predictions made by Novogratz that never was realised, revisiting his foretelling on bitcoin in 2019, where the CEO of Galaxy said BTC would hit $20,000.
Galaxy Digital’s Novogratz Praises Ripple CEO Brad Garlinghouse
Novogratz in his latest statement also responded to Brad Garlinghouse, clearing the air that his comment was made on the underperformance of XRP last year.
He said his comment was that XRP underperformed Bitcoin because Ripple owns a large amount of the digital currency.
Novogratz, speaking further, praised the CEO of Ripple for doing a good job, noting that Galaxy is also an investor in the Ripple Labs Inc, and would like to see the company and its currency perform excellently.
However, he also corroborated the statement of Brad that XRP is performing excellently this year.
“This year the broader alt market, including XRP has outperformed BTC”, saying he was surprised by the good performance.
Commenting further, Novogratz said “I see more and more large accounts getting educated and set up to be accumulators of BTC.”
“BTC has found a place as a weapon in macro portfolios as digital gold – a hard asset,” he furthered.
“All other crypto’s are venture bets and will only have lasting value if they become a product that is useful.”
XRP, Ethereum in a Proving Stage
The CEO of Galaxy Digital also noted that the price of XRP and other cryptocurrency like Ethereum would be determined like all prices, saying the two digital currencies are in “the ‘proving’ phase.”
Novogratz urged Ripple to distribute XRP in a “rational way” and at the same time build “a real and scalable use case.”
He concluded that other altcoins are not going to succeed like Bitcoin in terms of their potentials as a store of value.
“XRP does have its own fervent community (largely in Asia) but has a large supply to absorb (some 57 percent or so),” he concluded.