Big-shot crypto player Mike Novogratz of Galaxy Digital just did a U-turn. He used to be skeptical about Ripple and XRP, but guess what? He’s owning up to it now and saying, “I was wrong.” Talk about a plot twist in the crypto world.
At first, Novogratz expressed reservations about the future of XRP, pointing to Ripple’s significant ownership stake in the token as a potential concern.
Galaxy Digital CEO’s XRP Admission
He openly admitted to being skeptical about XRP’s long-term viability, referring to Ripple’s initial 60%, now decreased to around 50%, ownership of the token.
“I was skeptical that XRP would have lasting power […] And I was like, ‘that just doesn’t seem a proposition that’s going to work.’ And I’ve been dead wrong,” the billionaire admitted during a podcast.
🧵 Alpha time: @novogratz x @RaoulGMI
Please enjoy 5 takeaways from this convo… 🫡
1/ 🚀 Novo on Ripple’s $XRP triumph against all odds: “I was wrong…” https://t.co/aleePocwRQ pic.twitter.com/T3rXFbbF3L
— Real Vision (@RealVision) December 10, 2023
This revelation from the Galaxy Digital CEO follows Ripple’s notable legal victories this year, marking significant milestones that have propelled the company to greater prominence within the cryptocurrency industry.
Ripple’s successful legal outcomes throughout the year have not only bolstered its standing but have also contributed to reshaping perceptions about the company and its flagship cryptocurrency, XRP.
XRPUSD currently trading at $0.61911 on the daily chart: TradingView.com
Now, Novogratz is giving props to Ripple’s leaders and the loyal XRP community. He’s nodding to CEO Brad Garlinghouse and the strong “XRP Army” without holding back.
Novogratz sees their dedication in growing the XRP ecosystem, saying the “XRP Army is real” and that they genuinely care about their coin and its community.
Meanwhile, Novogratz’s recent recognition of XRP has sparked considerable interest within the XRP community. This development didn’t go unnoticed, and in a recent tweet, well-known XRP influencer Crypto Eri brought attention to Novogratz’s noteworthy remarks about XRP.
“Hats off to @bgarlinghouse and his team. @Ripple is now, you know, an institution, you know the XRP army is real.”
– Mike Novogratz (with @RaoulGMI)@RealVision
December 9, 2023https://t.co/kI7PDsxYUL pic.twitter.com/eH9Ed14W61— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) December 10, 2023
Novogratz’s XRP Acknowledgment Sparks Enthusiasm
The acknowledgment from such a prominent figure in the crypto space has become one of the focal points of discussion and excitement among XRP enthusiasts.
In a satirical response to Crypto Eri’s tweet, someone asked whether Novogratz had suddenly become an XRP investor or if he was still “confused” about XRP’s goal.
Lawyer John Deaton concurred with Novogratz’s remarks and accepted that the XRP Army contributed to Ripple’s partial triumph.
Novogratz had a mixed journey with XRP, initially praising the community’s resilience amid regulatory challenges.
Despite highlighting XRP’s tripled value post-SEC actions in October 2021, his earlier criticism sparked a spat with Garlinghouse.
Garlinghouse mocked Novogratz for his Bitcoin predictions, dubbing him “not Nostradamus.”
The present cryptocurrency market, according to Novogratz, is a “narrative game,” in which issuers and corporations use storytelling to draw in customers and investors.
After creating a financial market and the necessary legal framework, he anticipated that this would change in the future.
At the time of writing, XRP was trading at $0.62, down 5.8% in the last 24 hours, and climbed 4.4% in the last seven days, data from Coingecko shows.
Featured image from VideoGlobetrotter
