The world's largest cryptocurrency, bitcoin (BTC), is not going to change the globe every bit it is simply a store of value, Galaxy Digital CEO Michael Novogratz said at ConsenSys' Ethereal Height on May xi.

Major bitcoin bull and former Wall Street exec Novogratz made his comments during a spoken communication entitled "The Herd Is Notwithstanding Coming!" at the industry event, which Cointelegraph attended every bit a media partner.

Starting with bitcoin, "every bit it came commencement," Novogratz claimed that the coin has "actually establishing itself every bit a shop of value," noting that it is "kind of finished" in terms of fulfilling its employ case as a shop of value. Novogratz also compares the asset to aureate, arguing that both take value equally a social construct.

Since bitcoin represents a store of value or acts as a "digital gilt," it is "non going to alter the world," Novogratz argued. He further stated that instead information technology is web iii.0 that "has the potential to modify the world." According to Novogratz, web iii.0 envisions a revolution in how networks function and information is treated as it is "a decentralized platform to process information. Information technology'southward separating information from the processing of it." The investor noted that public ecosystems such as Ethereum and "lots of competitors are all vying for this space."

Comparing diverse cryptocurrencies with chemical elements in the periodic table, Mike also considered the part of altcoins, hinting that each money volition have "to bear witness themselves out" in order to provide a sure apply case. On this notation, Novogratz argued out that "there'southward no one building anything on the litecoin blockchain," as opposed to the Ethereum blockchain, referencing a recent tweet of his.

Novogratz elaborated in his talk:

"If you really think bitcoin is gonna win this store of value, everything else needs to be used for something."

Recently, Novogratz made however another bitcoin prediction, claiming that the major cryptocurrency will vanquish its all-fourth dimension-high tape of $20,000 within the next 18 months.

Meanwhile, crypto markets accept rallied since Fri, with bitcoin surging over 10% today to press fourth dimension, breaking over the $7,000 threshold afterward trading around $4,000 for most of 2019.