Mike Novogratz, the head of Galaxy Digital BRPHF, has expressed a significant shift in his views regarding Ripple XRP/USD, recognizing it as a substantial institution and acknowledging the dedication of its community, often referred to as the "XRP army."
In a candid admission during his appearance on Raoul Pal's Real Vision show, Novogratz reflected on his previous doubts about Ripple and XRP.
He highlighted his initial concerns about Ripple's control over a large portion of XRP's supply, which he believed could hinder its business model.
However, witnessing Ripple's resilience and growth over the years, Novogratz has revised his opinion.
"Hats off to Brad Garlinghouse and his team. Ripple is now an institution, the XRP army is real, they care about their ecosystem and their coin," Novogratz stated.
Regarding Bitcoin's BTC/USD role in everyday transactions, Novogratz expressed skepticism about its adoption as a common currency for regular purchases.
He noted that despite Bitcoin's initial use as a transactional currency, it is not widely used for buying goods and services.
Also Read: Coinbase's Project Diamond Ready To Disrupt Traditional Finance With Blockchain Technology
Novogratz also commented on the U.S. government's recent fiscal policies, noting the significant increase in spending, which now accounts for about a quarter of the nation's GDP.
He acknowledged that this spending has stimulated the economy but cautioned about potential long-term consequences, implying that there might be repercussions to face in the future.
Finally, when discussing the potential of an Ethereum ETH/USD spot exchange-traded fund (ETF), Novogratz expressed doubts about its success compared to a Bitcoin spot ETF.
He suggested that the Ethereum ETF's performance might hinge on the inclusion of staking rewards to attract investors.
Read Next: Tether Slapped With 'Constrained' Stability Assessment Over Transparency Concerns
Photo: CoinDesk on Flickr and Shutterstock
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