Galaxy Digital's Mike Novogratz, a heavyweight in the crypto arena, has openly retracted his earlier skepticism about Ripple and the XRP cryptocurrency. "I was wrong," he admitted.
This comes after Ripple's big legal triumphs throughout 2023 that have elevated the company's profile within the industry.
Novogratz's new take on XRP
Initially, Novogratz cast doubts on XRP's future, citing Ripple's dominant stake in the token as a potential drawback. "I was skeptical that XRP would have lasting power," he admitted, referencing Ripple's 60%, now reduced to about 50%, ownership of the token.
But now, there's a tone of admiration in his words for Ripple's leadership and the staunch XRP community. Novogratz tips his hat to CEO Brad Garlinghouse and the "XRP Army".
He acknowledged their commitment to nurturing the ecosystem around the token: "The XRP Army is real. They care about their ecosystem and their coin."
Novogratz concedes that XRP, much like Bitcoin, has carved out a unique place in the digital currency space.
Novogratz's roller-coaster relationship with XRP
Novogratz's journey with XRP has been a roller coaster of opinions. He previously praised the XRP community's resilience, especially amidst regulatory headwinds.
In an October 2021 tweet, he noted, "The value of $XRP has actually almost tripled since the SEC actions... It's a testament to the fact that once communities are formed with shared interest, they are damn resilient."
Yet, his earlier criticism of XRP's rally led to a public spat with the Ripple CEO. As reported by U.Today, Garlinghouse mocked Novogratz because of the latter's questionable Bitcoin price predictions, claiming that wasn't the "not Nostradamus."
Novogratz then continued to voice concerns over XRP's distribution and its ongoing development of use cases.