Michael Novogratz, the CEO of Galaxy Digital and one of Bitcoin’s greatest supporters, has critiqued non-fungible tokens (NFTs). Novogratz has stated that the prices that people pay for these assets are abnormal in “any way, shape or form.” Therefore, he has urged NFT investors to take out some of their profits and invest them in Bitcoin and Ethereum.
Novogratz Advises Investors to Ditch NFTs
Novogratz, who is one of the most vocal people in the crypto sector, was giving a speech during the Token 2049 Crypto Conference in London where he stated that the abnormal prices of NFTs called for investors in these assets to take out some of their profits and invest in Bitcoin or the largest altcoin, Ethereum.
“It seems to me like a pretty good time to at least book some profits and folds it back to Bitcoin or Ethereum or another token,” the crypto billionaire stated.
While Novogratz is a staunch Bitcoin supporter, he has also recently shown support to Vitalik Buterin’s Ethereum network stating that it could become the biggest cryptocurrency. Nevertheless, he clarified that Bitcoin and Ethereum have different use cases.
Novogratz did not entirely dismiss the benefits of NFTs, as they have created a new use case for blockchain technology. He stated that the network used by NFTs would play a major role in blockchain technology.
Still Bullish on Bitcoin
Despite the volatility Bitcoin has suffered over the past weeks, Novogratz has remained bullish on the prices of Bitcoin. In a recent interview with CNBC, the CEO noted that this last quarter of 2021 would be filled with “parabolic moves” in crypto prices. He further praised the recent gains made by Bitcoin to reach $56,000, the highest level the primary cryptocurrency has achieved since the May dip.
Novogratz stated that these recent gains would attract more investors in the cryptocurrency by the end of the year. He added that Bitcoin’s price could reach $80K or even hit the predicted $100,000 in the coming months. He further noted that assets that perform well in the last quarter usually end the year with major gains. Commenting on Ethereum’s price, Novogratz stated that the altcoin could reach $5000 in the coming months.
Novogratz further stated that the cryptocurrency market was showing signs of stability. He further stated that the Chinese ban on crypto trading and mining did not harm crypto assets in the long run. He mentioned that cryptocurrencies continue to show resilience “because there is both talent and money in it.”
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