Bitcoin News and Finance
Mike Novogratz Doubts Dogecoin’s Future — ‘No Institution Is Buying DOGE, Retail Will Lose Interest’ Skip to main content

Mike Novogratz Doubts Dogecoin’s Future — ‘No Institution Is Buying DOGE, Retail Will Lose Interest’

Mike Novogratz Doubts Dogecoin’s Future — 'No Institution Is Buying DOGE, Retail Will Lose Interest'

Galaxy Digital CEO Mike Novogratz doubts the future of dogecoin. The billionaire investor said that “It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest.”

Novogratz Says Dogecoin ‘Doesn’t Have Long-Term Legs’

Michael Novogratz, CEO of Galaxy Digital Holdings Ltd., recently discussed with Goldman Sachs the potential for cryptocurrencies, including dogecoin, and their ability to transform the financial system and beyond. His comments are published in a Goldman Sachs report entitled “Crypto: A New Asset Class?” which was published on May 21.

Novogratz was asked: “What do you make about the rise of dogecoin and other meme coins?” The CEO replied:

Dogecoin is a very speculative asset, much more so than bitcoin. It likely doesn’t have long-term legs because no institution is buying it and at some point, retail will lose interest.

The Galaxy Digital executive explained that “dogecoin started as a joke and grew for two reasons.” He said that the “First and foremost is tribalism in the investing community. It’s the same thing we saw with the rise in Gamestop, which was driven by a young community of investors who have been empowered as financial players through trading apps and social media platforms.”

The billionaire investor continued: “Second, value is showing up in new places because the government is printing a lot of money. It’s important to keep that in mind when thinking about some crypto assets and equities like Gamestop that have short-term potential but no long-term viability.”

Another executive who was interviewed by Goldman Sachs about dogecoin was Michael Sonnenshein, CEO at Grayscale Investments. He was asked if the meme cryptocurrency was “a blessing or a curse for cryptos?” Sonnenshein replied: “Dogecoin is a demonstration of just how easy it is to create a digital asset … That drills home the point that it’s important for investors to scrutinize use cases and whether the asset is viable and has the potential to gain real world traction by solving a real world problem versus a solution in search of a problem that may not exist.”

Novogratz has long been a bitcoin bull. In comparison, he said “There has never been a more successful brand created in such a short period of time” than bitcoin, adding that “Today, it’s recognized and believed in by exceptionally credible people. So the world has voted that they believe bitcoin is a store of value.”

Nonetheless, he pointed out that “People still make stubborn arguments against it, but every single bank we know of is building a wealth channel for crypto, 14 entities have bitcoin ETFs in line at the SEC, and most tech companies are building bitcoin into their wallet and interface.” Novogratz concluded:

To think we’re going to have less people believing in bitcoin isn’t logical.

Meanwhile, a number of people are currently dogecoin believers, including Tesla CEO Elon Musk and Shark Tank star Mark Cuban. The price of the meme coin has grown substantially over the past months and several people have said they have made a fortune investing in dogecoin.

Do you agree with Mike Novogratz about dogecoin? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory