ETH outperforms BTC for more than just one hedge: Novogratz
According to Mike Novogratz, ETH outperforms BTC for more than just an inflation hedge, as Bitcoin is supposed to be. Let’s find out more about it in today’s Ethereum news.
According to Michael Novogratz, CEO of Galaxy Digital, ETH outperforms BTC because it is more than just a hedge against inflation.
Etheruem is considered a more attractive investment option than BTC, while Bitcoin only acts as an inflation protection and has no advantages over the second largest cryptocurrency.
The idea that Ethereum is at the forefront of the digital assets industry has been around for some time. Although there hasn’t been any real change until recently, the tides are changing. Bitcoin is still the leader and the number one cryptocurrency with 70% growth to date. Etheruem, on the other hand, is up 500% since the beginning of this year. In a recent interview, Galaxy Electronic CEO Mike Novogratz added that he believes Ethereum is the more powerful project, stressing that the main cryptocurrency has limited use cases and is mainly used as a hedge against rising inflation.
On the other hand, the network behind ETH allows the provision of smart contracts and the creation of dapps and it is also a programmable blockchain network for more use in different fields like NFT and DEFI:
“That’s why you see Ethereum really outperform Bitcoin. People see Ethereum as a technology bet and Bitcoin as a discount on fiat currency bets. ”
This is the second time he has expressed such a view as the executive even predicted that Bitcoin will be the digital version of gold in the next 3000 years while Ethereum has a different use case and a different use case in the future. Novogratz commented on the recent decline in the crypto industry as he doesn’t believe the BTC price can drop below $ 40,000 as institutions and other countries have exhausted the property’s potential:
He concluded, “People have realized that crypto is an asset class and that bitcoin is part of a crypto portfolio.
He then stated that the economy was booming, which means that investors should expect an “egregious fourth quarter” because we have high inflation and growth.
Mark Cuban is another person who has praised Ethereum and advised those just starting out in the crypto space to choose it as an investment choice because of its enormous potential.