Galaxy CEO Mike Novogratz has recently praised the strong communities behind XRP and Cardano (ADA). This comes after the mogul would dismiss these tokens in the past.
Novogratz's previous takes
Novogratz's journey from an XRP skeptic to an XRP investor is one of the clearest examples of how institutional narratives have changed over the last decade.
He famously disliked XRP because of centralization. As an early Ethereum and Bitcoin bull, he viewed Ripple holding roughly 50% of the XRP supply as a disqualifying factor.
In early interviews, he would often scoff at XRP's rally, attributing it to naive retail investors who didn't understand tokenomics.
When the SEC sued Ripple in December 2020, Novogratz distanced himself further.
During the 2021 bull run, while XRP was pumping, Novogratz continued to ignore it. "You could tell them anything. It's like 9/11 conspiracy theories. They just don't look at the truth sometimes," he said back then.
He has also dismissed ADA as a "weird cult," but he now acknowledges that IOG Chales Hoskinson has managed to keep the community together.
The "I was wrong" pivot
After Ripple and the XRP community defeated the SEC and the price rallied, Novogratz publicly admitted he had miscalculated.
As reported by U.Today, Novogratz recently admitted that he was wrong about XRP. "I was wrong about XRP... I didn't think XRP would last. I thought the SEC was going to crush it. But the community stayed strong, and Brad [Garlinghouse] and the team fought hard," he said back then.
He stated on a podcast that he underestimated the "XRP Army" and Brad Garlinghouse's leadership.
The crypto mogul realized that the community's refusal to leave during the lawsuit was a sign of strength, not delusion.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team