Reflecting on a recent dinner with some of the early Bitcoiners, Galaxy Digital CEO Mike Novogratz shared a fresh perspective on the cryptocurrency and its often overlooked aspect that he believes adds more value to BTC.
Describing the atmosphere at the meeting, Novogratz pointed out the importance of a unique “social contract” that he believes goes beyond typical financial motivations. This social element, the veteran investor suggested, is a crucial part of Bitcoin’s appeal and resilience, built on the shared goals and dedication of its long-standing community.
Thus, according to Mike Novogratz, it is not just the decentralized structure or scarcity that gives Bitcoin (BTC) value. Rather, he sees the community itself – the individuals who have dedicated their time, energy and even resources over the years – as essential to the cryptocurrency’s foundation.
Had dinner with a bunch of OG $BTC holders last night! Amazing how many people helped bring this project forward.l, some in huge ways!! What makes $BTC valuable is the social contract of the community. So go orange pill someone today!!! And if anyone has a good hangover…
— Mike Novogratz (@novogratz) November 14, 2024
He believes that it is this social fabric that keeps Bitcoin moving forward, and that a lot of people have done a lot of work, often behind the scenes, to make BTC what it is today. At the end of the day, it is the people behind Bitcoin as a collective force that not only maintains Bitcoin’s current value but also strengthens it through belief and shared purpose.
This call to action to expand Bitcoin’s influence shows that Novogratz sees its value as tied to its reputation as a movement, not just a digital asset. He believes this shows how the cryptocurrency has evolved from being just a currency to a vibrant, active community with a clear purpose.