- Novogratz reflects on XRP’s unexpected resilience amidst SEC battle.
- Ripple’s strong community proves crucial in XRP’s ongoing survival.
- Mike Novogratz praises Garlinghouse’s leadership in challenging legal waters.
Mike Novogratz, the CEO of Galaxy Digital, recently admitted that he initially doubted XRP’s ability to weather the the recently dismissed legal battles with the U.S. Securities and Exchange Commission (SEC). During a conversation with podcaster Kyle Chasse, Novogratz openly shared his skepticism about XRP’s long-term survival. However, he quickly acknowledged the unexpected strength of XRP’s community, which has proven crucial in the token’s continued existence and success.
Despite his initial reservations, Mike Novogratz praised Ripple’s CEO, Brad Garlinghouse, for his ability to steer the company through tumultuous legal waters while maintaining a strong, loyal community. According to Novogratz, Garlinghouse’s leadership has been instrumental in keeping the community intact, even amidst uncertainty.
Also Read: XRP’s October Performance: Why ‘Uptober’ Is More Myth Than Reality
Novogratz also shared an interesting perspective on the nature of crypto communities. He reflected on how many successful cryptocurrencies are supported by what he described as “cult-like” communities. This kind of loyalty and devotion to a particular asset is something rarely seen in the stock market, where individual stocks rarely inspire such passionate followings.
Furthermore, Novogratz admitted that he once dismissed XRP due to its perceived lack of decentralization. Over time, however, he has come to accept that people’s trust in such assets is integral to the crypto ecosystem. As he put it, “Who am I to judge where people want to store their money?”
XRP’s Community: A Key Factor in Its Success
The strength of the XRP community has often been cited as one of the token’s most significant attributes. Despite facing fierce legal challenges, the unwavering support of XRP holders has played a critical role in its survival. Novogratz himself has noted that the intensity of loyalty in crypto communities is an essential factor in the success of many blockchain projects.
His observations also touch on the broader trends in the crypto market. In a post-2008 financial world, where trust in traditional institutions is at an all-time low, cryptocurrencies have provided a new form of trust through these online communities. In this sense, Novogratz sees the vibrant, passionate following behind XRP as reflective of the very essence of cryptocurrency’s appeal.
In closing, while Novogratz initially questioned the future of XRP, his view has since evolved. With the token continuing to thrive despite legal challenges, he now recognizes its enduring value, especially in the eyes of its dedicated community.
Also Read: SEC to Review Multiple XRP ETF Applications in October: What’s at Stake?
