Mike Novogratz, the CEO of Galaxy Digital, has hit back at comments made by Augustin Carstens, the General Manager of the Bank for International Settlements (BIS), stating that Carstens has ignored the facts about Bitcoin (BTC) and Ethereum (ETH).
Carstens recently claimed that fiat currencies have "won the battle" against cryptocurrencies and that technology doesn't make for trusted money.
Novogratz stated on Twitter that "Carstens has held a stubborn view that just doesn’t hold up to the facts," and that in the past 10 years, many fiat currencies have depreciated by over 50%, while BTC and ETH have appreciated significantly. Novogratz also noted that 200 million people trust BTC.Travis Kling, founder of crypto investment firm Ikigai Asset Management, also weighed in on the debate, saying that Bitcoin hasn't acted as a store of value and has instead acted like an unprofitable software-as-a-service (SAAS) stock.
He added that stablecoins are far and away the use case for crypto that has gained the most traction, but that's not exactly a win for crypto since stablecoins are facilitating access to fiat, specifically the greenback.
Kling further noted that nothing else in crypto is competing to be money and that Ethereum may one day achieve this feat, but it's too early to make that call.
He added that none of the other cryptocurrencies on the horizon are even in the conversation and that none of them are trustless.
Kling also pointed out that the crypto market has been battered by fraud and bad actors, and that regulators have the market by the balls, adding that there is no political goodwill in the U.S. to effectively fight back.
He said that if the crypto market keeps shooting itself in the foot with the same bullets cycle after cycle, Carstens will be making the same speech five years from now.