Altcoin Shift? Firms Look Beyond Bitcoin, Says Galaxy CEO

Talking on CNBC’s Squawk Field on September 11, Novogratz defined that treasury groups inside crypto companies have just lately shifted consideration to different blockchain initiatives.

He famous that this has probably pulled some market power away from Bitcoin within the brief time period.

He pointed to current exercise involving Galaxy Digital, Bounce Crypto, and Multicoin Capital as examples of firms directing funds towards newer tokens.

Whereas Bitcoin has not proven a lot motion these days, Novogratz famous that it may change later within the yr. He talked about {that a} potential shift in US rate of interest coverage may drive one other wave of demand for Bitcoin.

Moreover, he referenced SEC Chair Paul Atkins’ remarks about updating securities rules to assist on-chain markets.

Novogratz additionally talked about that Nasdaq had submitted a request to the SEC to permit tokenized variations of conventional monetary belongings, similar to shares and exchange-traded funds (ETFs).

He defined that Bitcoin initially gained consideration as a digital retailer of worth, whereas stablecoins turned helpful for cross-border funds. Nonetheless, Novogratz acknowledged that the dearth of dependable blockchains, in addition to clear rules, has slowed additional adoption.

He added that whereas totally different blockchains will proceed to compete, it’s unlikely that any single community will dominate the trade. Ethereum

ETH

$4,630.17

, for instance, has its personal function and person base, and whereas it could compete with platforms like Solana

SOL

$238.13

, it fills a distinct position.

On August 25, Tim Draper, co-founder of Draper Associates, shared his views that altcoins play an essential position in strengthening Bitcoin. How? Learn the complete story.