Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
As the debate for the real Bitcoin escalates, billionaire investor Mike Novogratz makes it clear that BTC is the real one and the “digital gold”.
Bitcoin’s miner and development community first got split last year in August 2017 through the means of the hard-fork in the Bitcoin network resulting in a new Bitcoin-derivative called Bitcoin Cash. Ever since Bitcoin Cash came into existence, there has been a long-time argument as to which is the real Bitcoin.
However, it was for the first time this Saturday, May 5, when former Wall Street executive and billionaire investor Mike Novogratz joined a heated debate on Twitter defending the Bitcoin Core or BTC as to be the real digital currency that was first conceptualized by Satoshi Nakamoto, back in 2008.
Responding to a Twitter account @Bitcoin who claimed Bitcoin Cash to be the real one, Novogratz replied: “Enough already”. Her further tweeted saying:
Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. It’s market cap dwarfs bitcoin cash. If you want to be a payments currency by definition you need to have stable value. So why own it. ??
— Michael Novogratz (@novogratz) May 5, 2018
As we can see from the tweet that @Bitcoin just didn’t stop claiming Bitcoin Cash (BCH) to be the real cryptocurrency but also called the BTC to be experimental saying that it does not have a whitepaper of its own.
While referring to BTC as the Bitcoin Core, Novogratz also stated some of the other attributes of BTC that lets it gain higher value over BCH. He said BTC as a “store of value” and a “digital gold”.
Mike Novogratz is a big-time bitcoin bull and one of the richest crypto investors. Novogratz is quite a popular figure from the Wall-Street and has a 26-year prestigious career working with some prestigious financial institutions like Goldman Sachs and Fortress investment group. Novogratz first started investing in cryptocurrencies three years back in 2015.
Earlier this year in Mike Novogratz announced a plan of launching a cryptocurrency “merchant-bank” called Galaxy Digital which will work to fund several digital currency and blockchain-related startups. Mike Novogratz hopes to make the Galaxy Digital merchant bank as the “Goldman Sachs of crypto” which will supposedly have a fourfold business model in place.
Novogratz is already said to have raised $250 million for the funding of its merchant bank through some undisclosed lists of investors. Note that Novogratz is not the first person to defend the Bitcoin Core against Bitcoin Cash.
Erik Voorhees CEO fo Shapeshift just a weel back made it clear that he is not a supporter of BCH and neither he wants to be one. In a recent conversation on Twitter Voorhees said: “please stop referencing me to back up your opinion that Bitcoin Cash is Bitcoin. It isn’t. Bitcoin is the chain originating from the genesis block with the highest accumulated proof of work. The Bitcoin Cash fork failed to gain a majority, thus it is not Bitcoin.”