Michael Novogratz Says ‘Enough Already’ to Bitcoin Cash Promoting Tweet
Bitcoin vs. Bitcoin Cash
Michael Novogratz, a former Wall Street executive, has weighed in on Bitcoin vs. Bitcoin Cash debate through a tweet. According to Novogratz Bitcoin is the original cryptocurrency referred to in the Whitepaper published in 2008 by Satoshi Nakamoto, therefore, becoming the true holder of the Bitcoin brand.
Novogratz was replying to a tweet from twitter handle @Bitcoin which had claimed that Bitcoin Cash is the oldest digital currency and that Bitcoin was created as an experimental currency which does not have a whitepaper.
Bitcoin Cash is the oldest cryptocurrency. Its white paper was published in 2008 and the genesis block mined in January 2009.
Bitcoin Core (BTC) is an experimental currency that does not have a white paper and has only operated under its current model for two years. pic.twitter.com/YBeepJlwC5
— Bitcoin (@Bitcoin) May 4, 2018
In his reply Novogratz:
“Enough already. Bitcoin core is BTC, and it’s a store of value. It is digital gold. Its market cap dwarfs Bitcoin Cash. If you want to be a payments currency by definition, you must have a stable value. So why own it?”
More to just defending the brand status of Bitcoin Michael Novogratz went on to name the most attractive attributes about Bitcoin stating that it’s a store of value and more than it’s the digital gold.
Novogratz who is already among the richest people in the crypto market joined the field in 2015 after working in the Wall Street for more than 26 years. He worked for both Goldman Sachs and Fortress Investment Group. In December 2017 Novogratz raised 250 million dollars for his new venture called cryptocurrency merchant bank Galaxy Digital. This was during the period when digital currencies were collapsing from their all-time high.
The debate about Bitcoin and Bitcoin cash started after a hard fork in the leading digital currency’s blockchain created Bitcoin Cash in August 2017. The protocol used in Bitcoin Cash was mainly to ensure scalability of the digital currency which aimed to make transactions faster and cheaper.
The war between the two digital currencies almost reached a point of a lawsuit last month. Members of the pro-Bitcoin community started a campaign to collect money for a lawsuit saying that crypto wallet and media service Bitcoin.com beaded by Bitcoin Cash proponent Roger Ver were misleading buyers to buy Bitcoin Cash by blurring its distinction from Bitcoin. The lawsuit has however been stopped with the organizers citing lack of funding.