Galaxy Digital's Michael Novogratz backs social media cryptos

Galaxy Digital's Michael Novogratz backs social media cryptos

One of the social media payment methods is going to stick, according to Galaxy Digital Founder and CEO, Michael Novogratz.

In an interview with CNBC, he says: “I think with Facebook's payment currency, I think Telegram will have one...you will see one of those payment coins work, and that has the chance to be a real currency.”

Real game changer

Bitcoin is just a store of value and as such won’t change the world, Novogratz said earlier this month.

Speaking at the ConsenSys Ethereal Summit, he argued that the cryptocurrency acts as a digital gold. Web 3.0 is the real game changer, being a decentralised platform that processes information. “If you really think Bitcoin will win this store of value, everything else needs to be used for something.”

Out of the rubble

Also this month, Novogratz told CNN Business that Bitcoin will, over the next 18 months, return to its all time high of nearly $20,000. “Out of the rubble, it has popped back up,” he said.

It would take something like a major hack or regulation to shatter this resurgence, he noted. And he urged crypto exchanges to self-regulate in order to bolster security, arguing that “a little bit of guard rails can go a long way”.

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