Overview
- Novogratz argues Bitcoin now functions as money, while most other tokens will be valued like businesses based on revenue and value capture.
- He warns that XRP and Cardano, sustained by loyal communities, must demonstrate real-world use or risk losing ground in future cycles.
- He cites Hyperliquid’s design, which allocates roughly 98% of profits to token buybacks and burns, as a template for equity-like tokenomics.
- He forecasts a one-to-three-year industry transition in which wallets and exchanges evolve into neobank-style platforms offering stablecoins, tokenized equities, and money-market products.
- Coverage notes XRP trading near $1.85 with weak momentum and Cardano near $0.35 with slow adoption, with XRP drawing renewed attention following U.S. spot ETF launches but facing caution without clearer utility.