Novogratz Says Bitcoin Best Bet Among Cryptocurrencies

Novogratz Says Bitcoin Best Bet in Crypto

Michael Novogratz, a renown analyst and ex-hedge fund manager, said Bitcoin (BTC) remains the recommended investment choice in the cryptocurrency world, but controversial altcoin XRP and many other cryptos still in the “proving” phase.

In a series of tweets on his twitter account, Novogratz, who is also CEO of the cryptocurrency merchant bank, Galaxy Digital, praised XRP and Ripple, the company that owns more than anyone else in the currency.

XRP Performance Beyond Expectations

“This year the broader alt market, including $XRP has outperformed $BTC.  This has surprised me,” he said in a tweet.

“That said, I see more and more large accounts getting educated and set up to be accumulators of $BTC and believe on a risk-adjusted basis it’s the best place to bet on crypto.”

Novogratz posted the tweets a day after thinly-veiled criticism of XRP and Ripple at TD Ameritrade’s National LINC 2020 conference.

Another tweet read:

“$BTC has found a place as a weapon in macro portfolios as digital gold  – a hard asset.  All other crypto’s are venture bets and will only have lasting value if they become a product that is useful. $eth might be the trust level people build on. If it does, it’s a great bet.”

Brad Garlinghouse, CEO of Ripple, recently indicated that the firm aim to prevent XRP from working in a free market. Major shareholders commanding the supply were not desirable.

Novogratz nonetheless praised both Garlinghouse and Ripple’s activities, adopting a tone that appeared to contradict the previous day’s skepticism.

He added that for the past 15 months he had personally been “almost exclusively long $btc,” and on Wednesday he predicted $10,000 would be coming in for BTC/USD.

In a related context, Garlinghouse has paid attention to his company’s strong performance in 2020.

The platform has showed strong performance since the beginning of 2020, reflecting a larger market recovery.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.