Mike Novogratz

Breaking News: Mike Novogratz Sparks a Debate on Twitter Bashing Litecoin

Among all the digital currencies which underwent significant price increase, Litecoin was the most notorious. Created by Charlie Lee, the token performed so well that it took 4th place followed by its market cap.

The wonderful performance of the altcoin shook the cryptocurrency community. But, not everyone was happy about the price rise of Litecoin. Mike Novogratz is one of those who fins such a bullish streak illogical. He took it on to Twitter as follows.

In the one hand, Novogratz has always compared Bitcoin to gold, and on the other, he consistently refused to accept that Litecoin could be the equivalent of digital silver. This is the contrast that has been used by several experts and analysts, including Charlie Lee.

Though Litecoin came as a Bitcoin fork aimed to offer lower fees with the faster transaction, yet the fact that Novogratz called it a ‘glorified testnet’ for Bitcoin looks to be triggering the sensitivity of many individuals in the cryptocurrency ecosystem.

Undoubtedly, Charlie Lee was one of the first to react and simply said that Michael Novogratz was completely wrong in his statement.

Similarly, a well-known analyst at the social trading platform eToro, Mati Greenspan, explained that Litecoin comes with several advantages in the form of efficiency over Bitcoin that make it precisely the equivalent of silver if Bitcoin is compared to the Gold.

Mr. Greenspan also attached a document in which he thoroughly investigated this blockchain, explaining that the similarities aren’t only at technical levels but also from a financial point of view. It seems that the BTC-LTC relationship is quite equivalent to that of Gold-Silver.

“Other obvious difference is the coin supply. While the theoretical maximum supply of Bitcoin is around 21 million coins, that of Litecoin will reach approximately 84 million. This, and the subsequent lower value of Litecoin is one of the reasons why many people consider Litecoin to be the Silver to Bitcoin’s Gold.”

Others, like Litecoinbro, called for serenity. Where it is possible to have different opinions. attacks are detrimental to an ecosystem as young as the cryptosphere.

Currently, Litecoin has a total market cap that exceeds $5.4 bln and a token price of nearly $88.