Mike Novogratz Applauds XRP for Evolving into a Legitimate Form of Money

TLDR

• Mike Novogratz praised XRP for its successful transition from a cryptocurrency token to a legitimate form of money.
• Novogratz highlighted the complexity of turning a token into money, noting that XRP is among the few to have achieved this.
• Despite early doubts, Novogratz acknowledged that XRP’s growing community helped reshape its narrative and success.
• The loyalty and belief of XRP’s community played a crucial role in its evolution into a widely accepted monetary asset.
• Novogratz compared the XRP community to Bitcoin’s, emphasizing the importance of belief and culture in driving value.

Mike Novogratz, CEO of Galaxy Digital, has praised XRP for its transition from a cryptocurrency token to a legitimate form of money. In a recent interview with CoinDesk, Novogratz acknowledged the complexity behind XRP’s success. He highlighted how the token defied expectations and transformed its narrative. This shift enabled XRP to become a global monetary asset.

Novogratz Praises XRP’s Transformation into Money

XRP has achieved something rare in the cryptocurrency space: it has become money. Novogratz explained that turning a crypto asset into a true form of money is “really, really complicated.” He noted that only a few tokens have crossed that threshold, and XRP is one of them.

For many in the crypto industry, XRP’s rise was a surprise. Even Novogratz, who has supported the project, admitted his early doubts about XRP. He initially questioned the token’s decentralization and its overall structure. Over time, however, he said those concerns seemed less important.

One of the most significant factors in XRP’s success is its dedicated community. Novogratz emphasized the strength of the XRP army, which has remained loyal despite regulatory hurdles and market downturns. He believes the community reshaped XRP’s destiny, turning it into a functioning monetary asset.

XRP’s community’s strength was key to its evolution into a widely accepted token. Novogratz acknowledged the unique bond within this group. They were able to rally around a shared belief, turning XRP into what many now treat as money.

Novogratz’s views align with his previous statements in 2023, in which he admitted to being “dead wrong” about XRP. He now sees XRP not just as a crypto asset but as a digital currency with a growing global base.

XRP Compared to Bitcoin’s Community

In the interview, Novogratz also compared the XRP community to Bitcoin’s. Both communities, he argued, treat their respective tokens as a store of value. The belief in the narrative and the culture around the tokens play a major role, not just the underlying technology.

He pointed out that this sense of community was similar to that of other brands, such as Tesla, that have achieved high valuations. The culture surrounding XRP has helped it maintain a strong position in the market. This, according to Novogratz, is a testament to the power of a loyal and committed community.

With the launch of XRP-based ETFs, the token is seeing increased attention. These financial products are setting new records for 2025, further solidifying XRP’s status in the financial landscape. As XRP continues to grow, Novogratz’s acknowledgment of its success offers fresh validation for its supporters.

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