A recent video featuring billionaire investor and CEO of Galaxy Digital Mike Novogratz has sparked discussion in the cryptocurrency community. BankXRP, a prominent crypto influencer, shared a video montage on X, showcasing Mike Novogratz’s candid admission that he had underestimated XRP’s potential, specifically the strength and dedication of its community.
Novogratz acknowledged that he had not expected the asset to perform as strongly as it did following Donald Trump’s inauguration. He expressed surprise at how the digital asset defied market expectations.
In December 2024, XRP surged to a multi-year high of $2.86, and its spectacular performance continued into January 2025 where it hit another multi-year high of $3.39.
This shift in Novogratz’s perspective marks a notable departure from his previous skepticism and mirrors a similar change from Peter Brandt, a veteran trader who previously criticized XRP .
Acknowledging the Community and Market Resilience
During the conversation, Novogratz reflected on his earlier skepticism regarding XRP’s long-term prospects. One of his key concerns was Ripple’s substantial ownership stake in the asset, which he believed could limit decentralization.
However, he now sees the situation differently, recognizing that the token’s sustained success is largely driven by the XRP army—its passionate and engaged community.
This is not the first time Novogratz has revised his stance on XRP. By December 2023, Novogratz had started acknowledging XRP’s resilience and Ripple’s increasing influence in the financial sector. However, a notable observation emerged in mid-2024: despite acknowledging XRP’s strengths, Novogratz conspicuously omitted it when discussing potential ETFs.
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His latest comments, however, go a step further by emphasizing the fundamental role of community support in shaping a cryptocurrency’s value, and finally giving the asset the credit it deserves.
He referenced Tesla as an example, noting that the company’s high market valuation is partially due to its dedicated base of supporters who believe in its long-term mission.
However, he also highlighted the role of utility as he expects fluctuations like the token’s recent decline to continue until the digital asset can achieve proper utility .
Ripple’s Institutional Growth and Market Position
In addition to praising the community, Novogratz also recognized the increasing prominence of Ripple as a financial institution. He highlighted Ripple CEO Brad Garlinghouse’s leadership in driving the company’s growth and expanding its role in global settlements.
Novogratz credits Ripple’s growth into a leading payments company for solidifying XRP’s position in the market. Despite his initial skepticism, he now acknowledges that Ripple has established itself as a serious institution in the financial sector.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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