Mike Novogratz: Bitcoin Will Be Digital Gold for 3,000 Years But Ethereum Can Surpass it
While outlining the differences between Bitcoin and Ethereum, Mike Novogratz suggested that the latter might actually surpass BTC in terms of becoming the largest digital asset.
During a recent interview, the CEO of Galaxy Digital also urged the cryptocurrency community to enhance its efforts to educate lawmakers about Bitcoin and the entire industry.
Can ETH Surpass BTC?
The topic of the eventual “flippening” – an event that will see ether surpassing bitcoin as the world’s largest cryptocurrency by market cap – emerged a few years ago. At the time, ETH’s value against the dollar was rising rapidly, while BTC had started to retrace.
Consequently, fans of the current second-largest digital asset believed such a change is inevitable. Although ETH closed the gap to BTC during this year’s bull market as well at one point, it has failed to surpass its biggest brother so far.
Speaking to Bloomberg, the CEO of Galaxy Digital hinted that such a scenario is still possible due to the massive growth of the network behind ether. He commented, “I think Ethereum may even become the biggest cryptocurrency one day,” but it will have a “very different” use case than BTC.
Ethereum’s blockchain could be used “as the base level of trust – the Web 3.0, where things get built on top of it.” Nevertheless, he admitted that the network would face competition from other projects, like Polkadot and Solana. However, Novogratz believes Ethereum will ultimately prevail.
Crypto Community Needs to Step Up
With the US and other countries discussing potential cryptocurrency regulations, Novogratz touched upon the significance of what it could mean for the industry. Listening to lawmakers speaking about bitcoin and other digital assets, he realized that the community needs to do a “much, much, much better job” at educating them.
He believes the people associated with the crypto space now have the ability and the responsibility of working with government officials to implement a proper legislative framework.
Once that’s established, it will enhance BTC’s chances of surpassing gold as the store of value asset of choice. Novogratz said the precious metal has existed for 3,000 years, and he expects bitcoin to be the digital version of gold for the next 3,000 years.