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

Dogecoin is a digital currency with a fun, friendly image that was created to reach a broader demographic than Bitcoin. It features a Shiba Inu on its logo, a Japanese breed of dog that is popular as an online meme. Dogecoin was developed by Jackson Palmer and Billy Markus, founders of the web-based marketing company Get Predicted. (Citation needed)

Dogecoin is a cryptocurrency which was created as a “joke currency” in December 2013. It is derived from the popular Doge meme. Since its inception, Dogecoin has seen steady growth, and it has the fourth highest market capitalization of any cryptocurrency. However, Dogecoin has also been heavily criticized for its lack of long-term viability, mainly due to its shibased origins.

There is no denying that cryptocurrency has been a buzzword over the past year. The sudden growth of Bitcoin has captured the attention of everyone, from Wall Street’s top hedge funds and institutional investors to everyday people who’ve never even heard of a stock. The most popular currency among non-institutional investors is Dogecoin. Since its inception in late 2013, the cryptocurrency has gained a loyal following as a fun, approachable way to get involved in the booming world of virtual money.. Read more about dogecoin news update today and let us know what you think.

Galaxy Digital CEO Mike Novogratz is skeptical about the future of dogecoin. The billionaire investor said: It most likely has no long-term prospects, as no institution will buy it and retailers will eventually lose interest.

Novogratz says Dogecoin has no long-term prospects

Michael Novogratz, CEO of Galaxy Digital Holdings Ltd. recently spoke to Goldman Sachs about the potential of cryptocurrencies, including Dogecoin, and their ability to transform the financial system and beyond. His comments were published in a Goldman Sachs report titled Cryptocurrencies: A new asset class ? to be launched on 21. May has been published. Novogratz asked: What do you think about the rise of Dogecoin and other meme currencies? The CEO replied: Dogecoin is a highly speculative asset, much more speculative than bitcoin. It most likely has no long-term prospects, as no institution will buy it and retailers will eventually lose interest. The Galaxy Digital CEO explained that dogecoin started as a joke and grew for two reasons. He said: First and foremost, is tribalism in the investment community. We saw the same thing with the rise of Gamestop, which was powered by a young community of investors who became financial players through trading apps and social media platforms. The billionaire investor continued: Second, the costs appear in new places because the government contributes a lot of money. It’s important to keep this in mind when considering some crypto assets and stocks like Gamestop that have short-term potential, but no long-term viability. Another executive interviewed by Goldman Sachs about Dogecoin was Michael Sonnenschein, CEO of Grayscale Investments. He was asked if the crypto-currency meme was a blessing or a curse for cryptocurrencies. Sunshine replied: Dogecoin is a demonstration of how easy it is to create a digital asset….. This proves once again how important it is for investors to carefully examine the use cases and see if the asset is viable and has the potential to really gain a foothold in the world by solving a real problem, rather than looking for a solution to a problem that may not exist. Novogratz has long been a bitcoin fanatic. By comparison, he said: There has never been a more successful brand created in such a short time than bitcoin, he adds: Today it is only recognized and believed by those in authority. So the world voted to consider bitcoin a store of value. Yet he remarked: People are still strongly against it, but every bank we know is creating an asset channel for cryptocurrencies, 14 organizations have bitcoin ETFs pending before the SEC, and most tech companies are integrating bitcoin into their wallets and interfaces. concluded Novogratz: It is illogical to think that fewer people will believe in bitcoin. Meanwhile, many people believe in dogecoin, including Tesla CEO Elon Musk and Shark Tank star Mark Cuban. The price of the meme coin has risen significantly in recent months, and several people have claimed to have made a fortune by investing in dogecoin. Do you agree with Mike Novogratz on Dogecoin? Let us know your comments in the section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

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