Mike Novogratz Says, ‘Doge Doesn’t Really Have Purpose’, XRP Price Rise ‘Does Not Make Sense’
Mike Novogratz, CEO of Galaxy Investment Partners, recently commented on Dogecoin and XRP by saying that neither made sense in terms of their price increases.
In an interview with Bloomberg, Novogratz commented on the latest market cycle. He commented on Bitcoin (BTC) and Ethereum (ETH) as well as the volatility they are experiencing. Galaxy Investments CEO stated that volatility will decrease over the years.
Novogratz mentioned that people should consider volatility when investing in cryptocurrencies and said, "We expect volatility."
The investment manager continued talking about altcoins, bringing Dogecoin (DOGE) 's recent surge to a market cap of $ 50 billion. Novogratz was influenced by billionaires Mark Cuban and Elon Musk and called it "foam".
Foam for altcoin wins obviously
Comparing DOGE to the recent surge in Gamestop (GME) shares, Novogratz stated, "It's a meme coin. It doesn't really have a purpose." In addition, Novogratz stated that he would "be very concerned if any of his friends invested in Dogecoin at these prices".
Novogratz also commented on the recent price spike related to XRP, calling the recent price spike from $ 0.40 to $ 1.60 in one month a retail frenzy. He stated "it doesn't make a lot of sense to me" when describing the sell-off of major cryptocurrencies like ETH and BTC in altcoins.
Novogratz defends XRP comments
Novogratz had to defend his comments on XRP following a backlash from the Ripple community and comments on the SEC investigation by Ripple Labs.
The fund manager recently stated in a tweet:
"Guys. I'm not the SEC. I haven't filed a lawsuit against Ripple. In fact, I've been a major Ripple shareholder since day 1. The SEC has already said that ETH is not a security. I understand why ETH is on the move . I don't get a surge in XRP. What's so hard to understand? "
Galaxy Investments CEO further reinforced his claims that Ethereum was not a security by telling his Twitter audience to watch Gary Gensler's series of lectures at MIT. It's online. It's pretty clear. "
Gensler was recently named as the new chairman of the US Securities and Exchange Commission. Gensler was a big proponent of cryptocurrencies and gave lectures on blockchain and crypto at MIT.
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