Mike Novogratz joins crypto analyst in criticizing Litecoin (LTC)

Written by: Ali Raza
December 7, 2020
  • Crypto analyst Qiao Wang recently criticizes LTC, noting that it is a direct attack on Bitcoin.
  • His statement was supported by none other than Galaxy Digital's CEO, Mike Novogratz.
  • Many have dismissed LTC over the years, claiming that it is copying BTC.

Litecoin (LTC) is one of Bitcoin’s oldest forks, and a high-ranking altcoin that has been known as ‘silver to Bitcoin’s gold’ for years, now. However, one analyst and former trader, Qiao Wang, recently posted sharp criticism of LTC on Twitter, only to be praised by none other than billionaire Mike Novogratz, the CEO of Galaxy Digital and a known Bitcoin bull.

Crypto analyst bashes LTC, Mike Novogratz agrees

In his recent tweet, Qiao Wang addressed newcomers to the crypto industry, noting that “LTC is a direct attack on BTC.” He insisted that Litecoin is not faster than Bitcoin (BTC), and that it should not be considered silver to Bitcoin’s gold, as it has no industrial utility, according to him. Particularly, he stressed that LTC is not BTC’s testnet, and that BTC has its own testnet.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Novogratz quickly joined this sudden criticism of LTC, who called Wang a “smart man,” based on his thoughts of the altcoin.

Of course, despite LTC constantly being referred to as silver for Bitcoin’s gold, the fact is that LTC’s market cap is only a tiny fraction of what Bitcoin owns. Even so, Wang believes that it is absurd to compare the two.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice, eToro: visit & create account

Criticism of Litecoin is nothing new

Wang also took a shot at LTC in November, when he predicted that LTC is likely to be discovered by the retail sector before DeFi tokens. With both Wang and Novogratz being very close to the DeFi sector, this likely explains their dislike of LTC.

They are not alone in thinking this. LTC has been dismissed as a copycat Bitcoin ever since it was created. LTC still uses the same consensus mechanism as BTC, and it even shares its maximum supply. However, it did introduce Scrypt, a new mining algorithm that allows it to produce blocks four times faster than Bitcoin.

At the time of writing, the coin has a price of $83.36, with a market cap of $5.49 billion, which allowed it to climb to 5th place on the list of largest cryptos. BTC, on the other hand, has a market cap of $356.96 billion.