Considered to be digital gold since its inception, Michael Novogratz , the founder and CEO of Cryptocurrency Banking, Galaxy Digital, believes that Bitcoin (BTC) will not change the world, since its use is limited the exchange and the store of value.
Ethereum, the big favorite of Web 3.0
While a new use of crypto-currencies has appeared, our character who is, let us recall, a former Goldman Sachs partner and a graduate of Princeton University, argues that Bitcoin is no longer in a very good position other digital assets.
Called Web 3.0, this new decentralized platform for information processing (and not just cryptocurrencies), has the potential to transform the way business is conducted, as well as significantly improve user interaction.
However, the head of the pack in the race for the creation of programmable blockchains this new use case would surely not be the father of crypto-currencies, Bitcoin. Even though Etch (ETH) would be in an excellent position, Novogratz says the competition is getting fierce against Cosmos, Dfinity and PolkaDot, and the winner of Web 3.0 would not be known until at least five years.
The altcoins have yet to prove themselves
While competing technologies are striving and fighting to build the crypto sphere, Novogratz calls for the caution of speculators against altcoins (ALT) that have no use case.
The ecosystem of crypto-currencies is similar to the periodic table of elements:
“There are 114 elements in the periodic table. Only gold has become a store of value. “
The altcoins, meanwhile, have not yet established their market value and should still prove themselves.
What do you think of these new developments in the cryptocurrency industry? Tell us your opinion in the comment section below.