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Bitcoins / Breaking News

Mike Novogratz: ‘Bitcoin will win battle for store of value’

The Hedge Fund manager, who is starting a $500 million fund to invest in cryptocurrencies, has declared that he believes Bitcoin is most likely to win out over other digital currencies over time.

At a Coindesk-sponsored conference in New York, Novogratz said “I don’t think many of these are currencies, even bitcoin,” before also stating that ‘’Bitcoin will win the battle for store of Value’’.

Novogratz’s Galaxy Digital Assets Fund would be the biggest of its kind at $500 million. This could signal an increasing acceptance of Digital Tokens as legitimate investments. This will be Novogratz comeback to money management since his losses at Fortress Investment Group LLC and a self-imposed expulsion from Wall Street for almost two years.

Not everything can win, now it feels like it can because so much money is pouring in,” Novogratz said. “Litecoin doesn’t add enough new stuff to replace bitcoin. it won’t survive as decentralized way to store wealth.

Source: Bloomberg

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.