Novogratz Embraces XRP: Shifts from Doubt to Optimism

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Mike Novogratz, the CEO of Galaxy Digital, has recently come forward with a change of heart regarding XRP, its robust community famously known as the ‘XRP Army’, and the company behind the digital asset, Ripple. In an unanticipated revelation on the Real Vision podcast, Novogratz expressed his newfound optimism for the XRP token—a stark contrast to his previous views that cast doubt on the token’s viability in the competitive landscape of cryptocurrencies.

In a candid admission, Novogratz reflected on his initial skepticism, rooted in concerns over Ripple’s substantial ownership of XRP. He shared, “I was skeptical that XRP would have lasting power because payment company Ripple owns 60% of XRP, now 55% or 50%. And I was like, ‘That just doesn’t seem a proposition that’s going to work.’ And I’ve been dead wrong.”


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This shift comes on the heels of Ripple’s impressive legal victories against the United States Securities and Exchange Commission (SEC) throughout 2023, which have seen the crypto firm triumph in several significant court rulings. These successes appear to have shed new light on Ripple’s position in the eyes of Novogratz and the broader investment community.

Tracing his journey of disillusionment to appreciation, Novogratz recounted how the value of XRP had surged—tripling since the onset of the SEC’s legal challenges—and highlighted the resilience and passion of the community that has coalesced around the digital asset. He acknowledged, “It’s evidence that communities are incredibly resilient once they are established around shared interests.”

In a gesture of recognition, Novogratz extended his commendation to Ripple’s leadership, especially CEO Brad Garlinghouse, for steering the company to become a formidable force within the payments sector. His endorsement did not stop there; he went on to affirm the legitimacy of the passionate and vocal XRP community, noting, “Hats off to Brad Garlinghouse and his team, Ripple is now an institution. The XRP army is real, they care about their ecosystem and their coin.”

The seasoned CEO further paralleled XRP with Bitcoin (BTC) in terms of presenting viable use cases, providing alternative means for individuals looking to preserve value in the digital domain. This acknowledgment has drawn significant attention from the XRP community, where prominent voices and influencers, like Crypto Eri, have amplified Novogratz’s newfound supportive stance.

In a lighthearted exchange on social media, spurred by Crypto Eri’s post, someone teased by inquiring whether Novogratz had enlisted himself among the ranks of XRP investors, playfully probing whether his understanding of the asset’s mission had evolved from confusion to clarity.

Thus, Mike Novogratz’s journey from skepticism to optimism serves as a testament to the dynamic and ever-evolving narratives that shape the world of cryptocurrency and the conviction of its communities.