Mike Novogratz, founder and CEO of Galaxy Digital, a leading crypto investment firm, has changed his view on Ripple and its native token XRP. The former dissident has now praised the company and its community for their success and resilience in the face of legal challenges.
Novogratz Changes Mind on XRP After Ripple's Legal Victories
Novogratz, known for his bullish views on Bitcoin and other cryptocurrencies, has previously expressed doubts about the future of XRP, citing Ripple's large stake in the token as a potential liability.
He said he “doubts XRP will have staying power” as Ripple owns 60% of the total supply, which has since dropped to around 50%.
However, after witnessing Ripple's regulatory achievements throughout 2023, Novogratz revised his view on XRP.
He admitted that he was wrong and underestimated the strength and loyalty of the XRP community, which he called the XRP Army. He also praised Ripple's CEO Brad Garlinghouse for his leadership and vision.
Novogratz said that like Bitcoin, XRP has proven itself as a unique and valuable asset in the crypto space. He appreciated XRP Army's efforts to support and grow the ecosystem around the token used for cross-border payments and remittances.
*This is not investment advice.