Bitcoin will not change the world as it’s just a store of value, bitcoin bull and Galaxy Digital CEO Michael Novogratz said at ConsenSys’ Ethereal Summit on May 11.
Novogratz said that bitcoin has “really establishing itself as a store of value,” noting that it is “kind of finished” in terms of fulfilling its use case as a store of value. He also compared the cryptocurrency to gold, arguing that both have value as a social construct.
According to Novogratz, bitcoin as a “digital gold” is “not going to change the world.” He stated that instead it is web 3.0 that “has the potential to change the world.” Web 3.0 envisions a revolution in how networks function and data is treated as it is “a decentralized platform to process information. It’s separating data from the processing of it.”
As a reminder, back in November, Mike Novogratz expressed confidence that Bitcoin will rise in price to $ 20,000 in 2019. Meanwhile, crypto markets have rallied since Friday, with bitcoin surging over 10% today to press time, breaking over the $7,000 threshold after trading around $4,000 for most of 2019.