Mike Novogratz doubts the future of Dogecoin – 'No institution buys DOGE, retailers lose interest'

Galaxy Digital CEO Mike Novogratz doubts the future of dogecoin. "It probably won't take long as no corporation has bought it and the retail industry will lose interest at some point," the billionaire investor said. Novogratz Says Dogecoin "Has No Long-Term Legs" Galaxy Digital Holdings Ltd. Its CEO, Michael Novogratz, recently spoke with Goldman Sachs about the potential of cryptocurrencies, including dogecoin, and their ability to transform the financial system and beyond. Comments Goldman Sachs "Crypto: A New Asset Class?" It was published in the titled report. It was released on May 21. Novogratz was asked: "What do you think about the rise of Dogecoin and other currencies?" CEO answered: Dogecoin is much more than bitcoin, it is a highly speculative asset. It probably doesn't have a long term because no institution is buying it and at some point the retail industry will lose interest. The Galaxy Digital manager explained that "dogecoin started as a joke and has grown for two reasons." He said it was "mostly tribalism in the investment community." This was the same as the rise of Gamestop, carried by a growing community of empowered investors as "financial players through trading apps and social media platforms". The investor continued, “Second, value is emerging in new places because the government is printing a lot of money. It is important to keep this in mind when evaluating certain cryptocurrency assets and stocks, such as Gamestop, that have short-term potential but lack long-term viability. Grayscale Investments CEO Michael Sonnenshein was another director Goldman Sachs interviewed about dogecoin. We were asked if the cryptocurrency meme is "a blessing or a curse for cryptos". Sonnenshein replied: “Dogecoin is an indication of how easy it is to create a digital asset … This highlights the importance of researching use cases for investors and whether the asset exists.

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