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Mike Novogratz believes Bitcoin can bring in change, says he would give most of it to charity

Photo of: Sangeetha Golchha
by Sangeetha Golchha

Mike Novogratz, the extremely popular hedge fund manager and the founder of Galaxy digital crypto bank tweeted about Bitcoin recently. He said that Bitcoin is revolutionary which can transform the systems and facilitate social justice within. 

Earlier today the hedge fund manager said that he entered the crypto space because of his belief in Bitcoin and the system per se. His initial reason to enter into Bitcoin was that he believed it was a revolution. He still believes that Bitcoin can spring in several changes in the system because it was powerful enough to do so. He further tweeted that he keeps pursuing activities related to social justice and always locates Bitcoin in his value system. 

Source: Twitter

What Brian Armstrong has to say

On the contrary, on September 27th, Coinbase founder and head Brian Armstrong believes that cryptocurrency companies should stay out of politics even in difficult times and focus more on their product and customers. In an open public letter that opened up scope for heated debates, he said that this year there have been a lot of difficult events starting from the pandemic, down to West coast wildfires, riots, and protests. On top of all this, the controversial US elections also are not far away. 

He further said that everyone is questioning how organizations should be engaged in broader societal hurdles and roadblocks in these tough times. All this and keeping their teams united and focused on missions is seriously daunting. Coinbase head said that they also had faced several challenges including employee attrition and everyone was in it. He said that despite all this he looks forward to Coinbase’s unwavering focus on achieving its mission because if that is done, they will be able to make a positive impact on the world. The focus henceforth according to him is to stay focussed, lead, build, and be transparent.

Coinbase is a digital currency exchange that has more than 35 million users. It suggested that its push for an apolitical stance was only a reaction to a growing movement within technology companies for employees’ beliefs to be best represented by their companies. 

Armstrong said in the post,

“We’ve seen what internal strife at companies like Google and Facebook can do to productivity. We are an intense culture and we are an apolitical culture.”

A lot of people from within the crypto industry did not second his thoughts and objected to his train of thoughts. One of them was Twitter CEO Jack Dorsey who slammed him for his letter. He said: 

“#Bitcoin (aka “crypto”) is direct activism against an unverifiable and exclusionary financial system that negatively affects so much of our society. To not acknowledge and connect the related social and political issues leaves behind people.

The bio section of his profile lists only “#bitcoin,” signaling it’s a key issue for him.

When a Twitter user asked Novogratz if he was planning to donate his Bitcoin holdings $100,000, he replied most of it.