Mike Novogratz thinks that Ethereum (ETH) could eclipse Bitcoin (BTC).

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Galaxy Digital CEO Mike Novogratz said during a June 30 interview with Bloomberg that Ethereum could potentially replace Bitcoin one day:

“I think Ethereum will most likely one day become the second-largest or perhaps the largest cryptocurrency.”

The popular name talks about Ethereum having a “very different use case” compared to the leading cryptocurrency.

While Bitcoin is a “beautifully designed” store of value, it could serve as the base layer for its biggest competitor, Web 3.0. However, Novogratz also points out that Ethereum faces tough competition like Solana, Terra and other ecosystems.

The famous name predicts that what will be built on top of Ethereum or other platforms will be mind-blowing in the next five years.

Still Early

When asked if his clients are concerned about the ongoing market correction, Novogratz said that the crypto revolution is still in its early stages. As such, he claims that no one actually thought that crypto would disappear.

Novogratz believes regulation will further strengthen the industry.