Mike Novogratz: Bitcoin Will Be Digital Gold, “Sovereignty Should Cost A Lot”

By Tyler Durden

Authored by Marie Huillet via CoinTelegraph.com,

Mike Novogratz, a former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, has argued that Bitcoin (BTC) occupies a unique place in the cryptocurrency landscape. Novogratz made his remarks during an interview with Bloomberg TV on Feb. 13.

Reflecting on the proliferation of crypto assets, many of which have attempted to vie with Bitcoin (BTC)’s function as store of value, Novogratz argued that:

“There’s 118 elements on the periodic table, and only one gold […] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”

Novogratz, while not providing a rationale for Bitcoin’s singularity, proposed that while blockchain in principle offers a robust system for the secure exchange of value, not all cryptocurrencies need to rely on its maximal security potential. Unlike digital gold, less valuable, transactional cryptos may do better, he implied, to trade security for improved efficiency gains.

image courtesy of CoinTelegraph

Bitcoin, which has recently settled around the $3,400-3,600 mark, is grinding along its bottom, Novogratz argued, and easily has the potential to go …read more

Source:: Zero Hedge

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