Recently, Goldman Sachs and Galaxy Digital CEO Michael Novogratz discussed the potential of various cryptocurrencies like Dogecoin and whether we can count on digital coins in transforming monetary systems. Goldman published the CEO’s comments on its May 21 article.
The interviewers asked Novogratz about his take on meme coins such as Dogecoin. The executive said that DOGE is highly speculative, more than BTC, and it is unlikely that the asset has long-term survival. He also added that no institution seems interested in DOGE, and with time, the virtual coin may lose retail investors.
Mike Novogratz explained the two reasons behind the success of Dogecoin despite starting as an internet joke. Firstly, the Galaxy Digital official said that tribalism among the investing community promoted DOGE’s prosperity. He referred to the case of Gamestop, where young investors endowed as industry experts via social media and trading apps drove the platform’s success.
The executive continued expressing his views. He declared that jurisdiction printing lots of money results in the value of many digital assets. The billionaire urged investors to be cautious when dealing with equities such as Gamestop and cryptocurrency objects since they lack long-term viability.
Also, Goldman Sachs interviewed Grayscale Investments CEO Michael Sonnenshein on Dogecoin. The multinational bank wanted to know whether Doge is a curse or blessing in the crypto space. In response, the Grayscale CEO said that Dogecoin represents how easy it is to produce a virtual asset. That implies investors to analyze DOGE uses and if the meme coin could attract more mainstream through solving real-world issues rather than providing solutions to exterminating problems.
Keep in mind that Mike Novogratz has been an icon in the BTC market. In comparison, the CEO admitted that BTC is the only asset with the potential to achieve high success within no time. He also said that BTC gained acceptance by credible individuals as the world believes in the leading coin as a store of wealth.
Nevertheless, Dogecoin has several supporters, including Mark Cuban and executive Elon Musk. The meme asset has had substantial growth in the last few months, earning several individuals fortunes.
Do you accept Novogratz’s Dogecoin opinions? You can comment below.
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