Michael Novogratz, cryptomelane and is a known supporter of Bitcoins posted on his Twitter account a rather mixed message, expressing their reaction to the rally, which is observed in the last couple of days cryptocurrency Litecoin (LTC).
Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7 bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don’t get this rally. Sell $ltc buy $btc.
— Michael Novogratz (@novogratz) April 3, 2019
He started from afar, comparing the performance of the market capitalization of gold and silver, and noting the fact that Bitcoins (BTC) and Litecoin (LTC) similarly compares cryptosuite.
Then noted that the silver, at least, useful for industrial production, and LTC is just a well-known test network of BTC. In the end, the owner of Galaxy Digital said that he did not understand the reason for the rise of Litecoin and offered to “sell LTC to buy BTC”.
Cryptologist not supported by the Novogratz
The tweet received wide discussion, and many participants expressed disagreement with the statement of the billionaire.
“This is amazing Amateur point of view. Disappointed,” said one user. Others expressed bewilderment than Litecoin did not hit the Novogratz.
Among those who commented on his message, is well-known in cryptosuite analyst Nabal, who denied the opinion of the Novogratz, stating that gold and silver don’t actually have speakers Litecoin and Bitcoin.
Your general point stands.
IMHO the gap exists because $LTC represents the scenario in which $BTC was the correct design, but a one-time flaw or external action takes down $BTC and leaves $LTC as the heir to the Shelling Point.
Gold and Silver don’t really have that dynamic.
— Naval (@naval) April 4, 2019
It is unclear why Novogratz decided to show the same indifference to the cryptocurrency created by Charlie Lee, especially when she is currently one of the successful players in the top 10 cryptocurrencies by market capitalization, along with Bitcoin Cash (BCH).
It could just be the result of his “ignorance” in relation to what is happening in the cryptocurrency market at the moment. Some users even noted skeptically: “you do Not need to understand it, Mike, just let it happen”.
While neither Charlie Lee nor anyone else from the company did not respond to the statement of the Novogratz.
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Label: Bitcoin And Litecoin Michael Novogratz