Litecoin Community Criticises Mike Novogratz

Galaxy Digital founder Mike Novogratz, in an interview with CNBC, advised the channel to remove Litecoin from the cryptocurrency price panel, drawing criticism from the community.

So mike novagratz goes on @cnbc and has enough “power” to get them to pull $LTC #Litecoin #LTC off the list after being 10 years in, no downtime, having major developments like optional privacy, NFTs, Smart contracts on the way for a coin that hasn’t stood any tests ? Strange pic.twitter.com/A0oA3GwgI3

— Litecoin Magazine (@LitecoinMag) December 27, 2021

In an interview with host Joe Kernan, the billionaire shared optimistic expectations about cryptocurrency adoption. Galaxy Digital’s CEO enthusiastically assessed the mid-term prospects of the Web 3.0 industry amid inflows of institutional capital.

During the conversation, Novogratz drew attention to the crypto price board broadcast during the interview. He was surprised to see Litecoin (LTC) among the top five assets, which he described as reminiscent of 2017.

In his view, in 2021 Litecoin was not the technology people were interested in using in their applications.

He named Terra (LUNA) and Solana (SOL) as replacements. These next-generation smart contract platforms attract obvious interest from developers and enthusiasts, Novogratz noted.

“So Mike Novogratz comes to CNBC and has enough ‘power’ to force them to remove Litecoin from the list after 10 years of operation without downtime, with major developments like optional privacy, NFTs, smart contracts on the way for a coin that hasn’t passed any tests. Strange,” wrote Litecoin Magazine.

Users reminded that the Solana network in 2021 experienced two serious outages.

“Ask Novogratz what could happen: potential risks for investors, as well as for many projects, such as NFTs that relied on the network for functionality, transactions, security, etc.?”, — said one of Litecoin’s supporters.

Some suggested the billionaire was playing his hand, trying to push the price lower. On December 28 the coin traded from around $160 to near $150.

In the Litecoin community, Novogratz was compared to well-known Bitcoin critic Peter Schiff and even called for a boycott of the Galaxy Digital chief.

Earlier, Novogratz said that most altcoins will leave the market in the near term.

Also, in his view, Bitcoin’s volatility is lower than that of other digital assets, thanks to the inflow of institutional money.

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