Galaxy Digital CEO Michael Novogratz believes that bans on mining in China will not be able to harm bitcoin and will only make the industry healthier and stronger.
In an interview with Bloomberg, Novogratz (Michael Novogratz) stressed that despite all attempts to ban bitcoin, the first cryptocurrency continues to live and prosper. In his opinion, the recent weeks with the increased volatility of the cryptocurrency market have only shown the stability of the ecosystem as a whole.
“Bitcoin continues to exist. The migration of miners from China is useful for the ecosystem. The bitcoin exchange rate collapsed by 65%. And we have no protection against sudden falls, as in the stock market. And yet the system worked as it should work. This is a very reliable ecosystem created in a very short period of time,” said the CEO of Galaxy Digital.
At the same time, Novogratz expects that bitcoin will be a digital analogue of gold for a very long time. But the billionaire is also positive about Ethereum, although he admits that ETH has strong competitors:
“Ethereum is likely to remain the second cryptocurrency, and maybe even become the leader. Web 3.0 will be built on the basis of Ethereum.”
As for the other cryptocurrencies, according to Novogratz, this is not just the stamping of identical blockchains. The entire industry is ” developing in such a way as to rebuild the financial architecture of the world.”
Interestingly, the founder of Twitter, Jack Dorsey, remains a “bitcoin maximalist” and is not going to buy ETH or other cryptocurrencies.