Billionaire Investor Novogratz, Says Bitcoin’s Market Cap “Dwarfs Bitcoin Cash”

Francisco Memoria
  • Billionaire investor Michael Novogratz defended bitcoin in the bitcoin vs bitcoin cash debate
  • Per the former hedge fund manager, bitcoin is the original cryptocurrency created by Satoshi Nakamoto

Former Wall Street executive and hedge fund manager Michael Novogratz has recently entered the bitcoin (BTC) vs bitcoin cash (BCH) debate, as he defended bitcoin’s status as the “true Bitcoin” through a tweet.

Novogratz, a billionaire investor who entered the cryptocurrency markets in 2015 after a 26-year career in Wall Street, replied to a tweet posted by the controversial @bitcoin account. In his reply, he argued that “Bitcoin core is BTC.”

He asserted the cryptocurrency’s dominance by noting its market cap “dwarfs bitcoin cash.” At press time, bitcoin’s market cap is of $162.3 billion, while BCH’s market cap is of $29.37 billion. While bitcoin is currently trading at $9,531 per coin, bitcoin cash is trading at $1,716 per coin, according to data from CryptoCompare.

As covered, the controversial @bitcoin account has in the past been suspended and subsequently deleted, as various BTC supporters likely reported it for tweeting spam and pretending to be someone else, as it actively promotes BCH. The tweet Novogratz replied to claimed that “Bitcoin Cash is the oldest cryptocurrency,” while calming “Bitcoin Core is an experimental currency that does not have a white paper and has only operated under its current model for two years.”

The controversial account is in the center of Bitcoin’s scaling debate. The debate, which led to the creation of bitcoin cash, recently saw pro-BCH website Bitcoin.com stop labeling bitcoin cash the “real bitcoin” amid the threat of a lawsuit being organized against the company and its CEO Roger Ver.

The lawsuit was then canceled as the group of bitcoin users organizing it didn’t get enough donations to fund the legal battle that would ensue. Nevertheless, recently, crypto-tracking website CoinMarketCap removed Bitcoin.com from its BTC page, presumably because it could be misleading to new users.

While the debate is ongoing, gold-to-bitcoin exchange Vaultoro has recently implemented Lightning Network payments, while planning to allow users to, in the future, trade directly from their wallets, without trusting the exchange’s hot wallet.