Galaxy Digital CEO Mike Novogratz Says He Was ‘Dead Wrong’ About XRP and Ripple

Galaxy Digital founder and CEO Mike Novogratz has admitted that his past perception of XRP and Ripple was “dead wrong.” Novogratz now sees Ripple as an institution and the XRP army as a “real” organization that cares about the ecosystem and the coin. The billionaire believes that the current U.S. government’s unmatched spending has spurred the economy, but admitted there would be a price to pay down the road.

Ripple’s Unconvincing Business Proposition

The founder and CEO of Galaxy Digital, Mike Novogratz, recently said his perception of XRP and Ripple’s business proposition was “dead wrong.” Novogratz, a billionaire, added that he now sees the so-called XRP army as a real entity that “cares” about the ecosystem and the digital asset.

In his remarks, while appearing on Raoul Pal’s Real Vision show, Novogratz conceded that he was skeptical about XRP’s prospects primarily because Ripple at one point held 60% of the coin. According to the billionaire, when one organization holds that much share of the circulating coins, such a business proposition is not going to work.

However, seeing XRP emerge from several setbacks in the past few years has now seen the Galaxy CEO change his perception of Ripple and its leadership.

“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 said.

‘No One Is Buying Stuff With BTC’

Meanwhile, when asked about the prospects of bitcoin (BTC) becoming the future currency for everyday purchases, the billionaire said he does not see this happening. Although it started off functioning as a currency for regular payments, according to Novogratz, “no one is buying stuff with bitcoin.”

🧵 Alpha time: @novogratz x @RaoulGMI

Please enjoy 5 takeaways from this convo… 🫡

1/ 🚀 Novo on Ripple’s $XRP triumph against all odds: “I was wrong…” https://t.co/aleePocwRQ pic.twitter.com/T3rXFbbF3L

— Real Vision (@RealVision) December 10, 2023

When asked about the U.S. government’s unprecedented spending which now equates to around 25% of the country’s gross domestic product (GDP), the billionaire believes the unparalleled expenditure helped to spur the economy. He, however, admitted that there would “be a price to pay down the road.”

Concerning the prospects of the ethereum (ETH) spot exchange-traded fund (ETF), Novogratz said he does not see this doing as well as the spot bitcoin ETF unless there is a way of getting the staking rewards.

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