Billionaire investor and crypto enthusiast Mike Novogratz has admitted that he was wrong about XRP.
Speaking on a podcast, Novogratz highlighted how the token’s vibrant community defied his earlier skepticism. He noted that he never thought XRP could be the best-performing token following Trump’s election. However, XRP defied expectations, particularly in the last quarter of 2024.
Novogratz Praising XRP Narrative
Novogratz emphasized the strength of the passionate community behind the token, the “XRP Army,” which he initially underestimated. Despite his doubts surrounding the longevity of the asset, Novogratz now recognizes its community’s significant role in the crypto space.
Notably, this more recent disclosure aligns closely with one from a December 2023 podcast where Novogratz expressed a changed view on XRP and Ripple.
Initially, he was skeptical about XRP’s viability due to Ripple’s 40% ownership stake, but this concern has since waned.
Moreover, Novogratz commended Ripple’s CEO, Brad Garlinghouse, and the company’s evolution into a significant settlement institution. “Ripple is now an institution,” Novogratz remarked, acknowledging the company’s role in shaping the financial space.
The Role of Community in Crypto Valuation
Praising the XRP Army, he compared their passion to that of Bitcoin supporters, noting that both represent ways for people to store value.
Furthermore, Novogratz explained that one of the most significant lessons he’s learned over time is that community is now an integral part of how cryptocurrencies are valued.
Citing Tesla as an example, he noted that the electric car company’s high valuation is partly due to the strong community of supporters who believe in its mission.
Novogratz highlighted that this trend also played out with XRP and Bitcoin. He added that it extends across the entire crypto space, with communities rallying behind their tokens as symbols of shared values and beliefs.
He also discussed the influence of younger generations, who increasingly favor memes and micro-investing. This transition in how people view and value assets reshapes the investment scene, with crypto at the forefront.
In conclusion, Novogratz’s shift in perspective highlights the significance of community and narrative in the crypto market. XRP is a prime example of how these factors can defy traditional investment logic.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2025/02/07/billionaire-investor-praises-xrp-says-i-was-wrong/?utm_source=rss&utm_medium=rss&utm_campaign=billionaire-investor-praises-xrp-says-i-was-wrong