According to Mike Novogratz, ETH outperforms BTC because is more than just a hedge against inflation like Bitcoin is considered to be. So let’s find out more in today’s Ethereum latest news.
According to Michael Novogratz, the CEO of Galaxy Digital, ETH outperforms BTC as it is more than just a hedge against inflation. Etheruem stands as a more attractive investment option than BTC while Bitcoin only acts as a hedge against inflation and doesn’t have any more advantages over the second-biggest cryptocurrency.
The idea of Ethereum sitting on the top of the digital asset industry has been going on in the space for a while. Although there was no real change until recently, the tides are changing. Bitcoin is still leading and it is the number one cryptocurrency marking a USD growth of 70% year-to-date. On the other hand, Etheruem is up by 500% since the start of this year. In a recent interview, Mike Novogratz, the CEO of Galaxy Digital, added that he sees Ethereum as the better performing project and opined that the main cryptocurrency limited the use cases and is mainly employed as a hedge against the rising inflation.
On the other hand, the network behind ETH enables the deployment of the smart contracts and the creation of Dapps and it is also a programmable blockchain network that finds more utilization in a number of different areas like NFTs and DEFI:
“That’s why you see Ethereum really outperform Bitcoin. People see Ethereum as a technology bet and Bitcoin as a debasement of fiat currency bet.”
This is the second time that he expressed such an opinion as the executive even predicted that Bitcoin would be the digital version of the gold for the next 3000 years while Ethereum has a different use case and can surpass it in the near future. Novogratz gave his opinion about the recent decline in the crypto industry as he doesn’t think that the BTC price could drop under $40,000 as the institutions and other countries already realized the potential of the asset:
“People have woken up that crypto is an asset class and that bitcoin is part of a crypto portfolio,” he concluded.
Subsequently, he noted that the economy is booming, meaning that investors should expect a “monster fourth quarter because we’ve got high inflation and high growth.”
Mark Cuban is another individual that praised Ethereum and advised beginners in the crypto sector to select it as an investment choice because of its huge potential.
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