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Billionaire Mike Novogratz Confirms Relationship With Ripple, Here Are Details

Wed, 06/21/2023 - 15:05
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Tomiwabold Olajide
Billionaire Mike Novogratz reveals connection with Ripple
Billionaire Mike Novogratz Confirms Relationship With Ripple, Here Are Details
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Billionaire Mike Novogratz recently revealed something unexpected regarding his relationship with Ripple Labs.

Responding to speculation by a vocal XRP community member, "Mr. Huber," regarding the Hinman emails, Novogratz mentioned his relationship with Ripple.

The Galaxy Digital CEO made it known that he was a day-one investor in Ripple Labs and has not sold any of his shares in the past 10 years.

Back to what triggered the disclosure, Mr. Huber, an XRP community member, speculated that Novogratz might have gotten insider knowledge about the controversial speech of former SEC official William "Bill" Hinman.

Before the highly anticipated Hinman documents were made public on June 13, Novogratz discussed them in a Bloomberg interview, claiming they would demonstrate whether the SEC has the authority to regulate cryptocurrencies.

Now that the documents have been released, discussions on what happened behind the scenes are ongoing.

Novogratz says he never met Bill Hinman

Novogratz states emphatically in response that he has never spoken to William Hinman or corresponded with him. "To be clear, I have never bet Bill Hinman, have never spoken to him, or corresponded with him," he answered.

The Galaxy Digital CEO added that he has only spoken with Ripple CEO Brad Garlinghouse regarding SEC matters.

"The only person I remember speaking to about SEC matters was Brad Garlinghouse, who was visiting them pretty regularly. Have been a day one investor in Ripple Labs and have not sold any of my shares in the past ten years," Novogratz added.

Mike Novogratz Claims Ripple's SEC Lawsuit Hasn't Affected XRP Price

The disclosure remains surprising, as Novogratz has criticized XRP in the past. He was cited at one point as saying that he never liked XRP, saying "one group owns too much of it."

Novogratz once chided the XRP price rally because, in his opinion, it did not make much sense.

At this point, it is important to note that, although frequently confused, XRP and Ripple are distinct entities. XRP is the native asset of XRP Ledger; Ripple is a fintech company that builds global payment products.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.