The Galaxy Digital founder has stated that one the the Coins to be created by various Social Media giants like Facebook and Telegram will succeed and will only remain a payment coin while Bitcoin will remain a store of value. He said this in an interview with CNBC published on May 24.
With various information about a Facebook Cryptocurrency and Telegram also in the line, there are various speculation as to what the role of the coins created by these already established Social Media will be and can it overtake the existing ones and be a driver of the crypto world.
Novogratz was quick to point out that Bitcoin will still remain the store of value while he expect the social media coins to succeed as a cryptocurrency and will only maintain the position of a trustworthy payment coin. Facebook has earlier stated that their proposed coin is a USD attached coin and will be a payment coin.
Novogratz said:“I think Facebook’s payment currency, I think Telegram’s gonna have one…You’re gonna see one of those payment coins work, and I think that has the chance to be a real currency.”
He also believe that the bear market is over and when asked if he feel those who previously lost their money in the bear market will still be interested in investing again he said: “I don’t think it’s the case. And a lot of institutions never got in, so they felt kinda smart and now all of them say, ‘Wait a minute, now there’s more cover.’ Retail will come and go, and a lot of the guys who got burned won’t come, but there’s seven and a half billion people on the planet, there’s plenty of retail customers to continue to come in. ”
He also noted that coins such as Ethereum and EOS are interesting and are useful in the crypto world because Bitcoin is just a store of value but those coins have the potential to change the world through their D-App initiative.