@Pantera 5 June 2021 more from that month

Novogratz Admits: BTC Is NOT GOOD for Payments

Mike Novogratz is one of the most prominent bulls for many years. An ex Goldman Sachs executive, he is now the co-founder and Ceo of Galaxy Digital Investments. Galaxy Digital invests in Bitcoin and other cryptocurrency assets and has recently acquired a crypto startup investing platform, "BitGo" for $1,2 billion. In a recent discussion on cryptocurrencies on the podcast series "Exchanges at Goldman Sachs", Novogratz explained what is obvious but reluctantly admitted and hidden from plain sight for Bitcoin-BTC. https://www.goldmansachs.com/insights/podcasts/episodes/06-01-2021-crypto-a-new-asset-class.html

https://www.youtube.com/watch?v=jV00CbHtrvg *Bitcoin Cash is the scaling solution for Bitcoin.* ***Bitcoin is Cash.*** An acknowledgment that is quite important for 2021, as this is the year once again Bitcoin suffered from network congestion, tremendous high fees and tried to counter this once again with the promotion of the "Lightning Network" that is under development for 6 years and looks it won't be able to do anything either. Novogratz follows the maximalist "store of value" narrative and in his interview tries to explain the pros and cons of cryptocurrency. He explains that the traditional financial system based on banks being payment processors is under threat by cryptocurrency competition. **"Bitcoin Isn’t Good For Payments** **Bitcoin’s not going to be payments. The system really isn’t set up for payments. It’s not fast enough for thousands and thousands of transactions**." -Mike Novogratz This is the main quote that we take from the whole conversation. Mike Novogratz somehow thinks that the Bitcoin of the BTC blockchain will become more adopted but as we know already, speculation for speculation isn't going to bring any positive long-term results. For the short term, BTC can rise again and follow the final pattern of the Trololo chart and reach $100K by July, however major changes in the market will soon apply.

The world requires a digital currency for payments, and we already know that BTC isn't the one. We discuss often what happened back in 2015, why the early developers and investors have long abandoned their BTC possessions and how Blockstream hijacked the Bitcoin brand and stalled all progress. In a previous post ("**Bitcoin Cash Separates Money And State**") I've explained how Bitcoin was going to take over the world and dominate payments and what was the governments' counterattack to protect the traditional financial system, the elite of bankers, and delay the domination of a decentralized payment system that removed the middle-man (banks) from the payments equation. https://read.cash/@Pantera/bitcoin-cash-separates-money-and-state-17cc59d2 Bitcoin right now has only novelty value. Novogratz also wants more regulations for cryptocurrency asking for clarity in the regulatory framework for DeFi and crypto-related financial institutions. Novogratz played down the "currency" feature of cryptocurrencies and underlined the asset-class properties. However, we already know that what matters is utility. Investors when misled will back out of their investments and the market then crashed. The second synthetic of the word "cryptocurrency" is currency. Without this function then we are talking about something else.

Bitcoin's primary feature was to function as a digital **currency**. It was about uniting and helping everyone have access to a financial system that had long abandoned them. Bitcoin was banking the unbanked and giving hope to people that were cut off from the traditional financial system. Now, since years ago, the BTC maximalist agenda has forced the narrative of Bitcoin to become "digital gold", "store of value" with dreams of creating Citadels while the rest of the world is living in a cyber-punk scenario of a "scorched earth". The Bitcoin doomers have no decency to admit they destroyed Bitcoin. What would have been if consensus actually applied and Blockstream didn't control access to the main source of information censoring any opposition and proposals, would be a Bitcoin dominating the world finance today. Sadly, Bitcoin's development stalled completely and the promise was just to get filthy rich in fiat. There wasn't going to be any financial revolution with BTC, and this was acknowledged by the holders. Those that stayed back are sell-outs that were only in Bitcoin for the money, even after making so much that it didn't matter anymore. Those that had some decency, the most part of the early investors, miners, and devs, left the project completely. They abandoned BTC and some of them forked and created Bitcoin Cash, which is what Bitcoin was always about. **Bitcoin: A Peer-to-Peer Electronic Cash System**

*The Whitepaper - Source:* *Bitcoin.com* https://www.bitcoin.com/bitcoin.pdf Read the whitepaper in case you are still thinking that Bitcoin is $BTC. Online commerce with $50 fees is not what Bitcoin is about. Bitcoin is good for payments on the Bitcoin Cash blockchain which is how Satoshi envisioned it to become.

*You can listen to the whole podcast here: "**Exchanges at Goldman Sachs**"* https://www.goldmansachs.com/insights/podcasts/episodes/06-01-2021-crypto-a-new-asset-class.html *Lead Image from:* *Wikipedia* *(modified)* https://en.wikipedia.org/wiki/Michael_Novogratz

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