Galaxy Digital’s Mike Novogratz once again commented on the state of the crypto industry, and his thoughts regarding its future. In the past, Novogratz has been known to make crypto price predictions, particularly when it comes to Bitcoin.
However, the well-known crypto bull seems to have found a new favorite — Ethereum.
Mike Novogratz’s prediction for BTC and ETH
Recently, Galaxy Digital’s CEO spoke about Bitcoin and Ethereum, outlining differences between the two coins. While discussing the cryptocurrencies, he said that it is possible for Ethereum to surpass Bitcoin at some point in the future, and become the new biggest crypto out there.
This is not a new concept, as the prophesied event has been around for long enough to even earn a name — the flippening. Essentially, there are many who believe that Ethereum’s focus on the blockchain and countless use cases and products are going to allow it to surpass Bitcoin as the biggest, most used, most expensive cryptocurrency.
Many have started making this prediction years ago after Ethereum first emerged. Back then, the coin started attracting the attention of the community quite rapidly, while Bitcoin prices started to drop. Now, as Ethereum is going through its biggest evolutionary change since its launch, this belief returned, encouraged by the incoming Ethereum 2.0.
Of course, Ethereum also saw a massive surge earlier this year, although it did not get anywhere near the levels Bitcoin has reached. What it did achieve is reaching and exceeding the levels Bitcoin has seen only two years ago.
As for Novogratz, he believes that a scenario where ETH will overtake BTC is more than possible, although he thinks that it might require some time. Still, Ethereum will not share Bitcoin’s use cases, even if it happens. Novogratz believes that Bitcoin could become digital gold — the world’s next store of value. He noted that gold has been humanity’s chosen store of value for 3,000 years now and that Bitcoin could take up that role for the next 3,000 years. But, even if it happens, he still thinks that Ethereum will be bigger.
The reason for this is that Ethereum’s blockchain could be used as the base level of trust, and a foundation of Web 3.0. Of course, there are many competitors that the project has to face, such as Solana, and Polkadot. The concept of an Ethereum Killer has been around for years now, as well, and it is not impossible that one of the younger projects will eventually overthrow ETH. However, Novogratz believes that this will not happen and that Ethereum will prevail, and become the next biggest crypto in the world.
The community needs to educate lawmakers
Novogratz also spoke about the recent efforts from governments around the world to regulate crypto. He said that he listened to the government officials, regulators, and lawmakers talk about crypto and that it is clear that the community needs to do a “much, much, much better job” at educating them.
According to him, there are now a lot of people intimately familiar with the cryptocurrency space. They understand it because they have engaged with it. However, those who will bring the laws regarding crypto are also those who never came into direct contact with crypto. With that in mind, it falls on the community to educate the lawmakers as best it can.
He sees this as the community’s responsibility, particularly as the community itself will be the most affected by any law involving cryptos that these lawmakers may come up with in the future.