The CEO of Galaxy Digital, Mike Novogratz, has recently told Bloomberg that Ethereum has the potential to surpass Bitcoin one day during his interview on June 30. Appraising the Etheruem blockchain, Novogratz mentioned that the second-biggest cryptocurrency has a distinct use case as compared to Bitcoin.
In his interview with Bloomberg, Mike Novogratz revealed:
Well, as we all are aware of the fact that Bitcoin is perfectly designed to serve as a store of value, Ethereum on the other side can serve as the base for Web 3.0.
In addition to this, he also indicated that Ethereum is facing decent competition from the likes of Solana, Terra, Cardano, and other ecosystems.
Mike also mentioned that the application going to be built on the blockchain of Ethereum or other platforms are going to be amazing in the coming five years.
At the time of the interview, Mike was asked whether he or his clients are anxious about the recent situation in the market, where the returns are negative and the sentiment of the public is not positive.
In response to this, he said that the cryptocurrency revolution is still in the early stages of development.
Well, in accordance with the claim made by Novogratz, nobody is thinking at present that crypto is going anywhere.
However, he added that the regulation is going to strengthen the crypto industry as it will make it more reliable and fraud-free.
Moreover, he laid an emphasis on the requirement of lawmakers to be educated about cryptocurrencies and blockchain technology so that the steps could be taken accordingly.
In the congressional hearing that took place yesterday, Mike revealed that the crypto community needs to do a better job in making the regulatory bodies aware and convincing.