The legendary dealer and salient Bitcoin bull “Mike Novogratz” said he did not believe that the Litecoin value would support his dramatic rally in the previous week and he would “sell it here.”
Talking with CNBC, Mike Novogratz, founder of the Galaxy Investment Partners fund, said that although he believes that Bitcoin is an occasion to buy investors even after his fourth-quarter rally, he does not think that Litecoin proposes the same advantage.
I do not think; the Litecoin rally has the same feet as the Bitcoin, he said. “I would sell it here and buy Bitcoin.”
Over the past week, the Litecoin value was more than tripled, and the exchange of cryptocurrency data, GDAX passed shortly 400 USD. Currently, the Litecoin value is exchanged at a global average of 336 USD, which makes it the fifth largest cryptocurrency per entire market head.
Novogratz attached to the rally an active promoter, probably the creator of Litecoin Charlie Lee, who made several media releases this week and hype around the lightning network technology, which is supposed to be combined with both Litecoin and Bitcoin.
A different theory is that Coinbase users, many of whom are new to cryptocurrency exchanges are buying Litecoin because they appear to be “inexpensive” compared to Bitcoin and Ethereum, the other two cryptocurrencies appeared on the brokerage platform.
Mike Novogratz said that rallies such as Litecoin are a byproduct of the industry’s “speculative mood” and that none of the protocols, not even Bitcoin are ready for the first time.
That is what feels a speculative mania. We are in the center of a contemplative mood, and the first phase of this whole decentralized violence is selling only the story.No of these protocols will be ready for the first time of at least two or three years, so we sell the story of what will be the future, he replied.
Also, Mike Novogratz is ready to admit that his bets have been wrong before. Though he called Bitcoin to 10,000 USD, he thought the realization would trigger a rupture. Consequently, he sold some of his holdings, expecting to buy back from a diving that never came.