“Sell Litecoin (LTC) Buy Bitcoin (BTC)” says Mike Novogratz
Founder of Galaxy digital and former Goldman Sachs partner Mike Novogratz took to Twitter urging investors to sell Litecoin (LTC) and buy Bitcoin (BTC).
Mike is one of the most vocal proponents of Bitcoin and other Cryptocurrencies in the institutional investor world, he has put his money where his mouth is by being an early investor in Bitcoin and Ethereum and investing in various Crypto startups via his investment bank Galaxy Digital.
Novogratz opened up an interesting discussion on Twitter pointing out that Litecoin is just a glorified testnet for Bitcoin, as the litecoin network is very similar to the bitcoin network it is used to test newer features that eventually make it to Bitcoin (like the segwit upgrade). The main narrative around Litecoin is that it is like silver to Bitcoin’s gold. Novogratz makes a direct comparison between the market caps of gold and silver and comes to the conclusion that LTC is overvalued.
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
Although Cryptocurrencies can be compared to commodities they are not the same, Naval Ravikant says that Litecoin is like a backup if a black swan event happens with the Bitcoin network.
Litecoin developers also announced earlier this year that they are planning to integrate privacy features like mimblewimble for Litecoin. Although the privacy features would be optional it is a significant leap in the network that would enable new possibilities and give insight for implementing such technologies to the Bitcoin network.
Richard Heart points out that this is also another reason why Litecoin might be valuable.
Fomo begets fomo. Also the #Litecoin founder / lead dev says they'll be implementing MimbleWimble before #Bitcoin So there's a reasonable anonymity value add there.
— Richard Heart HEXin4wks (@RichardHeartWin) April 3, 2019
Although the Bitcoin community has come in terms with the need for a Cryptocurrency like Litecoin, many investors still question why it is valuable and criticize Charlie Lee its creator for selling his entire holdings during the bull run.
One of the most important factors to determine whether a Cryptocurrency will thrive is the community behind it, although there have been reports that Litecoin developers have abandoned it, the Litecoin community still remains fairly active and passionate, the litecoin subreddit recently surpassed 200k members.
LTC has been one of the best-performing Crypto assets in 2019, it has appreciated over 42% in the past 7 days alone. At the time of writing, it is valued at $86.7 with a market cap of $5.3 Billion.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Leave a Reply