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Michael Novogratz: Sell Litecoin (LTC) And Buy Bitcoin (BTC)

Former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, Mike Novogratz, has advised crypto enthusiasts to sell whatever amount of Litecoin they have to acquire Bitcoin (BTC).
The crypto expert, who has been arguing that Bitcoin (BTC) maintains a distinct place in the space, said Litecoin is a glorified test net of Bitcoin and so, does not appear to be anything “useful” in the cryptocurrency space.
The crypto investor said Gold has an $8.5 trillion dollar market cap, the same way Silver is, with $15bn market cap that is around 17%.
Read: Bitcoin (BTC) Price To $5,000 May Be Enhanced By April Fools’ Day Fake SEC News, Analyst Says It Is Technical
He said, Bitcoin has a $90bn market cap, and Litecoin’ market cap is $5.7bn, which is 6.4% of Bitcoin’s. He argues that Silver is at least useful for industrial production. However, Litecoin is a glorified test net for Bitcoin, meaning it is a copycat.
Sell Litecoin (LTC) and Buy Bitcoin (BTC)
Sell Litecoin and buy Bitcoin, he argues , saying he does not “get the rally” .
He said: “Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $ BTC has a $90bn mkt cap. $ ltc is $5.7bn which is 6.4% of $ BTC . Silver is at least useful for industrial production. $ ltc is a glorified test net for $ btc . I don’t get this rally. Sell $ ltc buy $ btc .”

Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC . Silver is at least useful for industrial production. $ltc is a glorified test net for $btc . I don't get this rally. Sell $ltc buy $btc .
— Michael Novogratz (@novogratz) April 3, 2019

Novogratz has been an ardent supporter of Bitcoin. In a conversation with Bloomberg TV on Feb. 13, the crypto expert spoke on the explosion of cryptocurrencies, saying some have been trying to compete with Bitcoin (BTC)’s function as store of value, he said :
“There’s 118 elements on the periodic table, and only one gold […] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”
The post Michael Novogratz: Sell Litecoin (LTC) And Buy Bitcoin (BTC) appeared first on Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News .

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