Galaxy Digital CEO Mike Novogratz thinks Ethereum is outperforming Bitcoin. According to Novogratz, Ethereum has lost less in recent dips compared to Bitcoin, causing the ETH/BTC trading pair to hit all-time highs.
The famous CEO stated that Ethereum is currently a more attractive investment compared to Bitcoin.
Expressing that the biggest use case of Bitcoin in its current form is a hedge against inflation, the famous name says that Bitcoin’s biggest rival has a high-use safe due to its technological capability.
Stating that the use cases of Bitcoin are limited and money is primarily used as a protection against inflation, Novogratz stated in an interview with CNBC that he considers Ethereum’s performance superior to Bitcoin.
However, the Ethereum Blockchain is one of the most used in the market as it supports smart contracts and has become one of the largest networks used to create decentralized finance (DeFi) and non-fungal tokens (NFT), as well as allowing the creation of dApps.
Although Novogratz thinks that ETH is outperforming BTC, he also stated that Bitcoin price will not fall below $ 40 thousand despite the last bear trend. Stating that the influx of institutional investors and countries investing in assets will prevent such a decline, the CEO also thinks that a new bull cycle will occur.
On the other hand, Novogratz is not the only one who has the idea that Ethereum is/will outperform Bitcoin. As a matter of fact, Goldman Sachs stated in a report published in July that the Ethereum Blockchain has a high potential for real use.
Wall Street experts also state that Bitcoin has the advantage of being the first asset in the market, but Ethereum has the most popular smart contract implementation.
Billionaire investor Mark Cuban also recently praised Ethereum, advising new investors to buy the cryptocurrency.
*Not Investment Advice.