Bitcoin Bull Novogratz Shocks BTC Fans: “Ethereum Is Way Ahead”


Bitcoin and Mike Novogratz go together like peanut butter and jelly: but to the surprise of many, the bullish prognosticator has now suggested that Ethereum is likely to dominate the sphere of online payments.

In a keynote speech at the Ethereal Summit, the founder of Galaxy Digital Capital emphasized that the second-largest cryptocurrency has the potential to dominate Web 3.0, and may eclipse Bitcoin as the most valuable blockchain network.

“There’s good news and bad news” for Ethereum investors, Novogratz said. “The good news is that Ethereum is way ahead,” he said, noting the enormous number of developers and companies building on the smart contracts platform. “Ethereum, by a long shot, has the most people in the room.”

This, he said, would be a formidable advantage over competitors like Cosmos or Polkadot, which may soon launch with more advanced technology but will be far behind in terms of adoption interest. “What we looked at as investors, and what I stress, is that it only works if there are people in the room.”

Litecoin, for example, has a “very vibrant community,” according to Novogratz. “But it’s a community of speculators,” he said. “There’s no one building anything on the Litecoin blockchain.”

“ To me,” he added, Litecoin has “no future. “

Bitcoin Will Likely Lead For a Long Time

Although Ethereum may eventually eclipse Bitcoin as the most valuable digital asset, Novogratz highlighted that Bitcoin will continue to lead as the de facto cryptocurrency for some time. “Bitcoin is really establishing itself as a store of value,” he said. “The debate is over. We won.”

This would likely cement Bitcoin’s short- to mid-term lead as the leading cryptocurrency, and its utility as a store of value. “I see the on-ramps for institutions who now believe its a store of value who are coming in,” Novogratz said. “Bitcoin is going to stay for a while because that’s where the institutions are going to start.”

However, Novogratz predicted that Bitcoin’s store-of-value properties would eventually be eclipsed by smart contracts and decentralized applications. “The really cool stuff is Web 3.0,” he said. “That’s the revolution in a lot of ways.”

Government Currencies Are Coming

Online payments present a “phenomenally important” opportunity for blockchain technology, Novogratz added, saying they would provide an important alternative to state-controlled currencies.

“95% of financial transactions in China happen on a phone. Those transactions go through a government clearinghouse,” he added, which “gets plugged into big brother’s machine-learning AI. So they know what you’re thinking and how you behave.”

Along with facial recognition and big data analysis, these data are used to restrict Chinese citizens according to their social responsibility scores.  “We have Brave New World crashing on us faster than we can imagine,” Novogratz added. “We’re in this very scary world where the blockchain and a decentralized system of payments, I think, are essential to our life liberty and pursuit of happiness.”


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While it could be argued that investing in Bitcoin is certainly a risk, Cameron Winklevoss, – one-half of the famous Winklevoss twins – believes that it’s not as risky, or as he puts it “crazy” as waiting on the sidelines.

The Winklevoss brothers are known for their bullish ways, especially when it comes to Bitcoin (BTC); and today is no exception with Cameron offering his famous rhetoric on the #1, encouraging speculators to jump in and invest.

According to Cameron while some think you would be mad to invest in BTC, he states that you would be crazy not too, equating the rise of cryptocurrencies to the “future of money”

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Update From New York City’s Blockchain Week


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For the last five years, every spring CoinDesk has been hosting its blockchain technology conference Consensus in New York City. The idea is to bring together the top brands and developers in the cryptocurrency and blockchain spaces to learn what’s new and what’s next. The event has grown to include the surrounding Blockchain Week, which includes both official and unofficial events thanks to the volume of attendees.

Related Article: Blockchain Will Stall Until it Finds Its Killer App

What’s New in Blockchain?

Cryptocurrency is moving past the toddler stage and people are starting to pay more attention to the underlying blockchain technology. The CryptoNouveau event was a great place to meet the top thinkers in the blockchain space and learn where they think the technology is going next.


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Central Bank of Russia Expects Crypto Draft Bill to Be Adopted in Spring 2019


The central bank of Russia believes that the draft bill on crypto regulation is prepared enough to be adopted in the spring of 2019, local news agency TASS reports on May 22.

Olga Skorobogatova, first deputy governor of the Russian central bank, has stated that the bank expects the crypto bill, “On Digital Financial Assets” (DFA), to be adopted during the spring session in 2019 in accordance with the order of the country’s president, Vladimir Putin.

Speaking at a recent meeting of the Parliament, Skorobogatova argued that the DFA, as well as a draft law on crowdfunding and other crypto-related bills, are at a “sufficiently high degree of preparedness” to be adopted during the session.

The official has also emphasized that all those draft laws are “crucial for the country and will allow for the implementation of new projects.” Conversely, Russian prime minister and former president Dmitry Medvedev had…

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Goldman-Sachs Backed Circle Blames ‘Restrictive’ US Laws for Layoffs


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But at least the regulatory body has it clear that Bitcoin is not a security. It’s even considering Bitcoin ETF proposals, albeit at a glacially slow pace.

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Bitcoin Falls Under $7,900 as US Stock Market Sees Minor Uptrend


Wednesday, May 22 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) falls under the $7,900 mark again.

Market visualization courtesy of Coin360

Bitcoin is down over .5% on the day, trading at $7,850 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is down over 1.83%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

This week, Cointelegraph reported that CME Group, the second global exchange to list bitcoin (BTC) futures, is about to record the biggest trading month for BTC futures trading.

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $26.9 billion. The second-largest altcoin, XRP, has a market cap of $16.5 billion at press time.

CoinMarketCap data shows that ETH is up over .5% over…

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