{"id":43843,"date":"2021-06-07T10:18:09","date_gmt":"2021-06-07T07:18:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43843"},"modified":"2025-08-31T14:14:46","modified_gmt":"2025-08-31T11:14:46","slug":"mike-novogratz-bitcoin-will-never-become-a-means-of-payment","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/mike-novogratz-bitcoin-will-never-become-a-means-of-payment\/","title":{"rendered":"Mike Novogratz: Bitcoin will never become a means of payment"},"content":{"rendered":"<p>The founder of Galaxy Digital, the crypto bank, Mike Novogratz, said on the Exchanges at Goldman Sachs podcast that Bitcoin will not become a means of payment, because its blockchain is not suited for this.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Is crypto a new asset class? Galaxy\u2019s Michael Novogratz and NYU\u2019s Nouriel Roubini discuss the path and obstacles to further institutional adoption on Exchanges at <a href=\\\"https:\/\/twitter.com\/search?q=%24GS&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$GS<\/a>: <a href=\\\"https:\/\/t.co\/1VhMe7gQ8g\\\">https:\/\/t.co\/1VhMe7gQ8g<\/a> <a href=\\\"https:\/\/t.co\/QYXBOu532h\\\">pic.twitter.com\/QYXBOu532h<\/a><\/p>\n<p>\u2014 Goldman Sachs (@GoldmanSachs) <a href=\\\"https:\/\/twitter.com\/GoldmanSachs\/status\/1399826312567664667?ref_src=twsrc%5Etfw\\\">June 1, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>According to the billionaire, digital gold will be used as a store of value and an investment asset.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cBitcoin is not suitable for payments. The system is really not suited for that. It is not fast enough for thousands and thousands of transactions,\u201d he explained.<\/p>\n<\/blockquote>\n<p>Novogratz stressed that store-of-value instruments are \u201csocial constructs,\u201d and Bitcoin is the most widespread of them after the US dollar. In his words, the investment appeal of the leading cryptocurrency lies in this.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cIt [Bitcoin] has value because we believe in it. There has never been a more successful brand created by a community in 12 years,\u201d the investor added.<\/p>\n<\/blockquote>\n<p>The billionaire noted that the current macroeconomic situation seems to be \u201cdeliberately created\u201d for owning digital gold \u2014 aided by stimulus measures undertaken by governments around the world.<\/p>\n<p>At the Bitcoin 2021 conference, Novogratz said he was \u201cextremely optimistic\u201d about institutional adoption of the first cryptocurrency.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">\u201cI\u2019m wildly optimistic that\u2019s happening (institutional adoption). It takes time, but I am bullish in this space.\u201d \u2014 <a href=\\\"https:\/\/twitter.com\/novogratz?ref_src=twsrc%5Etfw\\\">@novogratz<\/a><\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a href=\\\"https:\/\/twitter.com\/Cointelegraph\/status\/1401219375202451464?ref_src=twsrc%5Etfw\\\">June 5, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe\u2019ve convinced the world that Bitcoin is a wonderful alternative to gold. It is a store-of-value instrument that can be used in any country to hedge fiat risk. Patience is the path to success. Revolutions do not happen overnight. Our work will not be done until every person on Earth has a Bitcoin wallet,\u201d he said.<\/p>\n<\/blockquote>\n<p>In March 2021 the billionaire stated that the market capitalization of the leading cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/mike-novogratz-bitcoins-market-capitalisation-will-inevitably-reach-golds-level\">will inevitably reach and surpass the benchmark for gold<\/a>. He also acknowledged that the previous Bitcoin price forecast of $60,000 was too conservative.<\/p>\n<p>Mastercard&#8217;s executive chair Ann Cairns said that <a href=\"https:\/\/u1f987.com\/en\/news\/mastercard-says-bitcoin-is-ill-suited-for-payments\">Bitcoin does not behave as a payment instrument<\/a> \u2014 it is highly volatile and transactions take too long. In her view, as an asset class, the leading cryptocurrency is closer to gold.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The founder of Galaxy Digital, the crypto bank, Mike Novogratz, said on the Exchanges at Goldman Sachs podcast that Bitcoin will not become a means of payment because its blockchain is not suited for this.<\/p>\n","protected":false},"author":1,"featured_media":43844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1198,1303],"class_list":["post-43843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-crypto-payments","tag-mike-novogratz"],"aioseo_notices":[],"amp_enabled":true,"views":"52","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43843"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43843\/revisions"}],"predecessor-version":[{"id":43845,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43843\/revisions\/43845"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43844"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}