Michael Novogratz: Web 3.0 has the potential to change the world, not Bitcoin

The famous cryptocurrency enthusiast and head of Galaxy Digital, Michael Novogratz, said that Bitcoin is only a means of storing wealth, and the world will change Web 3.0.

Speaking at the summit of ConsenSys Ethereal, a former top manager from Wall Street said that Bitcoin was the first to enter the industry and take the place of an asset to accumulate wealth. However, the investor believes that Bitcoin "has already practically fulfilled its use case." At the same time, Novogratz compared the first cryptocurrency with gold, noting that both assets have value as a social concept.

According to the head of Galaxy Digital, Bitcoin acts as an analogue of gold in the digital space, and therefore it will not be able to "change the world." This should make Web 3.0, which "has the appropriate potential." 

"Web 3.0 will become a decentralized information processing platform. And here it is necessary to separate the data from their processing," 

Novogratz said, noting that many projects tend to occupy this niche.

In addition, the investor compared the cryptocurrency with the elements of the Periodic table of chemical elements. He noted that each altcoin must "prove" it's worth and provide its own use case.

"If you really think bitcoin is gonna win this store of value, everything else needs to be used for something." concluded Novogratz.

Earlier, the head of Galaxy Digital expressed the opinion that in the future "the capitalization of Bitcoin will easily exceed the capitalization of gold".