Novogratz Backpedals After Getting Called Out for His Earlier Criticism of XRP

On Thursday (February 6), Mike Novogratz, a former Goldman Sachs partner, as well as Founder and CEO of crypto-focused merchant bank Galaxy Digital, had some nice things to say about Ripple, Ripple CEO Brad Garlinghouse, and the digital asset XRP a day after getting roasted by the Ripple CEO for his negative comments about Ripple and XRP during the previous week.

Here is the timeline for this drama.

On Thursday (February 5), Coindesk reported that it had discovered -- through a leaked recording -- that last week, at TD Ameritrade's National LINC 2020 conference (in Orlando, Florida), at the end of a discussion onstage with Ric Edelman, Novogratz had made some comments that were highly critical of Ripple (even though Galaxy Digital is a large investor in Ripple Labs).

Following this discussion, apparently, Novogratz took questions from the audience, and the last question was about his opinion of XRP.

Per Coindesk's report, Here are a few things that Novogratz said at that event about Ripple and XRP:

"Ripple the company owns 60 billion of the coins, of the XRP. That’s a lot of it... When I’m buying a stock, if I know [someone’s] selling $10 billion-worth of it at some price, it makes me less excited to buy the stock..."

As for XRP, alledgedly this is what Novogratz had to say about it:

“It did underperform immensely last year. I think it will underperform immensely again this year and it’s just because of the supply.”

Shortly after Coindesk's report came out, Garlinghouse pointed out via Twitter that XRP is outperforming Bitcoin in 2020:

This prompted Novogratz to come to Twitter late last night and explain though a series of tweets his alleged criticism of Ripple and XRP:

The gist of his latest comments is that he is very bullish on Bitcoin due to its store of value use case (since he sees Bitcoin as digital gold) and he does not believe that any of the other cryptoassets have yet proved their use cases. In other words, he did not mean to single out XRP among the altcoins. He also made it clear that his company (Galaxy Digital) is a major investor in Ripple, that he respects Garlinghouse's leadership, and it is in his interest for Ripple to succeed in its mission.

Understandbly, the XRP community feels that Novogratz's attack on Ripple and XRP was in no way justified, and this "explanation" by Novogratz will probably not be seen as sufficient for undoing any damage that the reputation of Ripple may have suffered as a result of the comments he alledgedly made last week.

One prominent member of the crypto community, the host of the highly popular YouTube Channel "Crypto Eri", pointed out to Novogratz that he needs to do a lot better than a few tweets to make it up to Ripple: