Michael Novogratz has made an interesting point. He says that community enthusiasm alone is not enough for XRP and Cardano.

This is actually an important point. Many projects maintain a strong fan base, but often do not translate into actual usage. It’s meaningful when veteran investors like Michael Novogratz highlight this aspect.

XRP is still establishing its position as an international remittance solution, and Cardano is increasing practical use cases as a smart contract platform. However, from Michael Novogratz’s perspective, that’s not enough.

Personally, I think this is a valid critique. As the cryptocurrency market matures, it becomes harder to prove long-term value based solely on price speculation or community passion. Both XRP and Cardano have solid technical foundations, but the key challenge is increasing adoption and practical utility, which aligns with Michael Novogratz’s argument.

I see these kinds of voices emerging in the crypto market these days as a positive sign. It indicates a growing consensus that cryptocurrencies need to establish themselves as genuinely useful technologies, not just speculative assets.