Mike Novogratz on XRP: “When something jumps 3x, I don’t understand”

Mike Novogratz, the CEO of Galaxy Digital spoke about the surge of XRP and Bitcoin [BTC] hike in December 2017, during an interview with CNBC Fast Money.

Mike was asked whether he thought that Bitcoin would reach $40K or if he opted out during its ATH because he thought that the market was “too dangerous”. The Founder stated that he sold a lot of Bitcoins at the end of last year. Bitcoin had gained a huge momentum during the end of 2017, the coin skyrocketed to over $20000. Along with Bitcoin, a majority of the altcoins also witnessed a massive growth in the market.

On the recent surge of XRP’s price, Mike wished that someone could explain the unexpected hike. Yesterday, XRP witnessed a growth of more than 80% in just 24 hours, which resulted in a lot of buzz in the cryptocurrency market.

Novogratz said:

“Listen, they are building a great business, you know, full disclosure, we’re a 1%, owner of Ripple, the company not the coin but the company, the company is building a great business. They’ve got a good story.”

He further added:

“When something jumps 3x, I don’t understand. You know, it’s a short squeeze, to a degree. I’m sure people were short. I’m sure there were new buyers.”

While speaking about Bitcoin, the Founder said that as a speculator for several years, he is long-term bullish on Bitcoin. Irrespective of selling a major portion of Bitcoin last year, Mike said that he bought a lot of them at its lowest price.

Furthermore, Mike stated that they had to hit pause to the launch of their hedge fund because they considered that the prices were “too dangerous” last year. He also spoke about Web 3.o and said that there will be a web 3.0 in the coming few years. The Founder shared a similar point of view for decentralized systems as well.

Mr. B XRP, an XRP Investor said:

“@novogratz “those guys have a good story” that’s your support level of @Ripple? With a 1% stake in the company one would think you might have had something nice to say. XRP’s tec will show everyone who the real KING is & the KING is coming!”

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