Michael Novogratz has become tired of the ongoing Bitcoin versus Bitcoin Cash debate. Haven’t we all? The Roger Ver campaign baffles the mind, and Novogratz decided to weigh in.
Responding to a post that claimed Bitcoin Cash is the “oldest cryptocurrency” and that BTC is “an experimental currency” that is essentially two years old, Novogratz shot back that “Bitcoin core is BTC.”
“Enough already. Bitcoin core is BTC. It is a store of value. It is digital gold. Its market cap dwarfs bitcoin cash,” he said. “If you want to be a payments currency by definition you need to have a stable value. So why own it?”
The former Fortress partner, who recently raised $250 million to establish Canada-based cryptocurrency merchant bank Galaxy Digital, further argued that bitcoin is analogous to gold, an asset that is virtually never used for payments in the modern world.
“When is the last time you bought something with gold? No one does. It’s just a store of value,” he said.
Novogratz’s comments on whether BTC or BCH is the true heir to the “Bitcoin” mantle come as the dispute between the two factions has been steadily heating up.
Recently, Roger Ver’s Bitcoin.com stoked the flames by altering its block explorer to list BCH as “Bitcoin” and BTC as “Bitcoin Core.”
This, unsurprisingly, sparked an enormous backlash from critics of Bitcoin Cash — many of whom derisively refer to it as “Bcash” — and a cohort launched a campaign to initiate a class-action lawsuit against Ver.
This initiative proved to be short-lived, however, as the legal fund failed to garner enough donations to get the campaign off the ground. Even so, it was apparently successful in one respect, as Bitcoin.com quietly reversed the change it had made to its block explorer.
Novogratz was right to call out the hypocrisy as he saw it and as most crypto enthusiasts see it. Bcash is a great cryptocurrency to trade and use if you’d like. But the idea that it will every replace Bitcoin is heresy.