Mike Novogratz says:

As major miners leave China one by one following the country’s crackdown on Bitcoin (BTC), Galaxy Digital CEO Mike Novogratz has reminded other experts that the Chinese exodus is a positive development.

Novogratz stated on Bloomberg that despite China’s efforts to sabotage Bitcoin – such as the ban on mining, the ban on leverage, and even the ban on Bitcoin in some places – the original cryptocurrency survived and thrived. “Bitcoin is alive and well in many ways,” he said, adding that the exodus of miners from China could be “a tremendous benefit to the ecosystem.”

The past few weeks, when the crypto market has seen high volatility with sudden widespread price drops, has been an amazingly successful test of the entire crypto ecosystem, according to Novogratz.

Sums up Novogratz, “We had a crash that related to a 65% drop in Bitcoin price from its all-time high, adding:

“We don’t have a downhill guard. We have no complaint. The system works as it should. It is a very powerful system that was set up in a short time. “

Regarding the public perception of the crypto ecosystem, Novogratz pointed out that Bitcoin “found its way” as digital gold. Recalling that gold has been around for 3,000 years, he added, “I expect Bitcoin to be a digital version of gold in the next 3,000 years.”

Novogratz said that he thinks “Ethereum will most likely one day become the second largest coin or possibly even the largest cryptocurrency”. It is used on a basic level of trust, he sums up: “Web 3.0, where everything is built on it”. He noted that there are strong competitors like Terra and Solana and this is not a sure win for Ethereum.

Novogratz also lists more recent additions to the crypto ecosystem, such as decentralized finance and unusable tokens, before concluding:

“We’re not playing around with coins with funny names here. This is a serious approach to rebuilding the world’s financial architecture. “