Galaxy Digital CEO Defends Bitcoin & Ethereum Against BIS Chief’s Criticisms

On February 23, Mike Novogratz, the CEO of Galaxy Digital, responded to comments made by Augustin Carstens, the General Manager of the Bank for International Settlements (BIS), regarding Bitcoin and Ethereum. The remarks came after former L/S Equities Portfolio Manager Travis Kling posted a tweet about Carstens’ view on cryptocurrency.

BIS Chief’s View On Bitcoin & Ethereum

In a recent Twitter thread, Travis Kling shared his thoughts on the state of the crypto market, including comments made by Augustin Carstens, the General Manager of the Bank for International Settlements (BIS).

Kling’s tweet stated that Carstens, the head of BIS, had claimed fiat had “won the battle” against crypto and that “technology doesn’t make for trusted money.” Kling agreed that fiat had the upper hand at present, but that did not necessarily mean it would always be the case.

He also argued that Bitcoin had not acted as a store of value. Additionally, stablecoins had gained the most traction, but only because they facilitated access to fiat.

Furthermore, Kling noted that no other cryptocurrency was competing to be money, and none of them were entirely trustless. He acknowledged that the crypto market had been plagued by fraud and bad actors and that regulators had a tight grip on the industry.

Finally, he called for a more honest assessment of crypto’s impact on the world and the outlook for the future. Novogratz, a long-time proponent of Bitcoin, took issue with Carstens’ remarks. However, stating that the BIS head had held a ” stubborn view” that did not hold up to the facts.

I think Carstens has held a stubborn view that just doesn’t hold up to the facts. In the past ten years tons of fiat currencies have depreciated by over 50% He of all people should know this And $BTC and $ETH have appreciated a ton. There are 200mm people that trust $BTC https://t.co/BTN6mblAhG

— Mike Novogratz (@novogratz) February 22, 2023

He noted that in the past decade, many fiat currencies had depreciated by over 50%, while Bitcoin and Ethereum had appreciated considerably. Novogratz also pointed out that 200 million people trusted Bitcoin. 

Related Reading | Chia Network CEO Argues XCH Is Not A Security But Plans To Register With SEC

However, the debate surrounding the future of cryptocurrency is ongoing. In addition, some, like Augustin Carstens, believe that fiat has the upper hand.

In contrast, others like Mike Novogratz maintain that Bitcoin and Ethereum are valuable assets. As the crypto market continues to evolve, it remains to be pending who will ultimately come out on top.