Very few cryptoassets will stand the test of time and become lasting stores of value (SoV) outside of bitcoin (BTC), Mike Novogratz, the CEO of digital asset-focused financial services firm Galaxy Digital, said, adding that he is increasingly confident that the Ethereum community will help reshape the future of finance.
In an interview with Raoul Pal on Real Vision, Novogratz said:
“That is really where you are going to rebuild the future of finance and the future of lots of things.”
As reported, Ethereum already has more developers than Bitcoin.
Novogratz, who already warned banks over DeFi, opined that while “bitcoin is an easier story on a risk-adjusted basis,” he was “liking Ethereum more and more as I see this thing go.”
The businessman recalled that, back in 2017, he “would invest in sexier projects with good founders and decent communities, and as soon as there was liquidity, I would sell them.”
Novogratz also claimed that previous crypto bubbles have strengthened his focus on key investment parameters, such as market capitalization and fully diluted market capitalization.
Saying that this was the best investment lesson he learned in 2020, he advised investors to focus on the second marker, which refers to what a token’s market cap would be if all available coins in total supply were issued.