Mike Novogratz, the founder of Galaxy Digital and a well-known Bitcoin (BTC) proponent, has made further comments indicating his bullishness for the market’s number 1 digital asset and its “digital silver” equivalent, 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 $5.7bn 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
Tweeting that “Litecoin is a glorified testnet for Bitcoin”, Novogratz doesn’t understand the price spike which Litecoin has also seen in recent times.
Of course, the founder of Litecoin, Charlie Lee, who also frequently takes to Twitter to offer his opinions on the space, countered Novogratz’s remark by saying that there was plenty of use for the token and referred to upcoming features that would give it increased utility,
Litecoin a glorified testnet?
BTC LN makes LTC useless?
Can't be more wrong!
High BTC fees? With https://t.co/Q6tfOYkIbb, just do a cross chain submarine swap from LTC on-chain to BTC⚡️. Send LTC to fill up your BTC⚡️ wallet! 🤯
— Charlie Lee [LTC⚡] (@SatoshiLite) April 4, 2019
Novogratz has generally shied away from making comments on particular tokens, so this one comes as something of a surprise. Novogratz, sharing this opinion with many others, believes that Bitcoin will become digital gold.
Galaxy Digital, in the meantime, has been doing better financially since Novogratz increased his stake in the firm to 80%. The company declared its good financial results and was one of the performers in the crypto space.
At the time of publishing, Bitcoin’s price hovers at around $5200 while Litecoin’s is roughly at $90. The corresponding $6000 and $100 price levels are significant psychological levels for the tokens and would certainly give investors an increased sense of the market breaking into a bull run.