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Crypto news: Mike Novogratz, CEO of Galaxy Digital, acknowledges a significant mistake on XRP and Ripple.

Latest news: the founder and CEO of Galaxy Digital, Mike Novogratz, has stated that he has completely changed his opinion on the XRP crypto and Ripple company. 

Now consider Ripple as an authentic institution and the XRP army as a genuine organization dedicated to the well-being of the ecosystem and digital currency. 

The billionaire is convinced that the unprecedented spending by the current government of the United States has helped stimulate the economy, although he acknowledged that there will be consequences to face over time. 

Let’s see below all the details. 

News: Novogratz’s statement raises questions about the evolution of the crypto sector and the future of Ripple (XRP)

As anticipated, the founder and CEO of Galaxy Digital, Mike Novogratz, recently revealed a complete revision of his opinions on the commercial proposal of XRP and Ripple, admitting to having had an initial “completely wrong” view.

The billionaire now recognizes the XRP army as a real entity that demonstrates genuine interest in the ecosystem and the digital asset.

During an interview on the Real Vision program by Raoul Pal, Novogratz confessed to initially being skeptical about the future of XRP, attributing his concerns to the fact that Ripple previously held 60% of the currency. 

According to the billionaire, a commercial proposal with such a significant share in the hands of a single organization seemed destined to fail.

However, Novogratz’s change of perspective happened over time, observing XRP overcome various challenges in recent years and appreciating the role of Ripple and its leadership. 

The CEO of Galaxy Digital has praised Brad Garlinghouse and his team, defining Ripple as an institution and acknowledging the real commitment of the XRP army in nurturing their ecosystem and their cryptocurrency.

Bitcoin, concerns about the economy and doubts about the Ethereum ETF 

Regarding the prospects of Bitcoin (BTC) as a daily currency for purchases, Novogratz continues to express doubts.

Specifically, arguing that, despite its functionality as a currency for regular payments, currently “no one buys things with bitcoin”.

On the topic of the unprecedented spending by the United States government, now constituting 25% of the country’s Gross Domestic Product (GDP), the billionaire acknowledged that this policy has helped stimulate the economy, but warned that there will be “a price to pay down the road”.

Finally, regarding the prospects of spot exchange-traded funds (ETFs) for Ethereum (ETH), Novogratz expressed skepticism.

In particular, he stated that he does not expect a success similar to that of the spot Bitcoin ETF unless a way is found to incentivize the staking process.

Ripple opens a new headquarters in San Francisco: hopes for legal resolution with the SEC 

The renowned blockchain payment company, Ripple, has recently opened the doors of its new global headquarters in San Francisco. 

David Schwartz, Chief Technology Officer (CTO) of Ripple, has shared images of the brand new office on X, enthusiastically announcing that it is now operational.

The news has generated a wave of enthusiasm among members of the XRP community, many of whom interpret the opening as a sign of trust and dedication from Ripple to remain rooted in the United States.

This event takes on a particular significance in the context of the ongoing legal battle with the Securities and Exchange Commission (SEC). 

The opening of a new office in the United States, amidst this dispute, underscores Ripple’s determination on the matter. 

The company has consistently argued that XRP does not constitute an unregistered security, a position that has received partial confirmation from the recent court decision.

The legal victory of Ripple, together with the opening of the new office, fuels speculation about the possibility of an imminent agreement with the SEC. 

After a closed-door meeting by the SEC, XRP supporters anxiously await the announcement of significant developments in Ripple’s legal case, fueling hope for a positive resolution.

Alessia Pannone
Alessia Pannone
Graduated in communication sciences, currently student of the master's degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.