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‘Glorified Test Net’: Billionaire Novogratz Slams Litecoin, Screams ‘Buy Bitcoin’

Gerelyn Terzo
Wall Street executive turned crypto mogul Mike Novogratz doesn't get the Litecoin rally. | Source: Featured image from YouTube/WallStreetWeek.

By CCN.com: Crypto trader Mike Novogratz fails to see the value in Litecoin. Novogratz, who is at the helm of crypto merchant bank Galaxy Digital, blasts Litecoin’s size and in doing so seems to comes across as threatened by the fifth-biggest cryptocurrency. The Litecoin price has seen its value expand by 40% in April alone, gains that if you ask Novogratz would be better served by bitcoin.

The former Fortress hedge fund manager capitalized on Litecoin’s reputation as being digital silver to bitcoin’s gold, comparing the size of the respective precious metal and crypto markets. While silver’s market cap is a mere fraction of gold’s, Litecoin’s value is more than 6% that of bitcoin.

That irks Novogratz, who tweeted:

“Litecoin is a glorified test net for BTC. I don’t get this rally. Sell LTC [and] buy BTC.”

Litecoin’s Rally Is Nothing New

What’s surprising is that it took Novogratz so long to rail against Litecon. After all, Litecoin’s price rally started well before bitcoin broke out in recent days. The LTC price has been on a tear since year-end 2018, over which time it has rocketed by approximately 150%. That’s about when the coin’s creator Charlie Lee revealed his interest in integrating privacy features into the cryptocurrency, giving Litecoin the chance to forge its own identity.

Read the full story on CCN.com.