Mike Novogratz says Mark Cuban is making a ‘mistake’ by backing Dogecoin – and says banks piling into bitcoin could send it to $500,000
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Mike Novogratz said Mark Cuban ‘s plan for the Dallas Mavericks to accept Dogecoin is a “mistake.”
– He said the focus should be on
bitcoin – which banks are “frantically” getting involved with.
– Yet many seasoned investors remain skeptical about bitcoin’s uses and volatility.
Mike Novogratz has said he thinks Mark Cuban is making a “mistake” in letting Dallas Mavericks fans pay for tickets and merchandise in Dogecoin, calling it a “joke” currency.
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The
[told Bloomberg TV] bitcoin is where the action is, saying banks are “frantically” trying to get into the world’s biggest
[cryptocurrency] , and that it could jump to $500,000 by replacing gold as investors’ favored hedging asset.
Mavericks owner Cuban said on Thursday he was taking the “fun” decision to let the NBA team
[start accepting Dogecoin] , the meme cryptocurrency that started as a joke, but has a market capitalization of more than $6.4 billion.
Advertisement Novogratz criticized the move, saying: “I think Mark’s making a mistake there.He’d be better off with 15 other ways to pay for his tickets.”
He raised concerns that young investors would get hurt by piling into
[dogecoin] .”Let’s put people in the safest, best stuff, not, you know, these joke coins,” he said.
Novogratz said he thinks bitcoin can soar to $500,000 in the future thanks to a “paradigm shift”, with banks “frantically trying to figure out how to get into crypto.” He cited interest from JPMorgan, which has
[supported customers investing] , and Goldman Sachs, which has
[reopened a crypto desk] .
The Galaxy boss, who is himself a major investor in bitcoin, said it is increasingly being seen as “digital gold” – in the sense that investors want to hold it as a store of value when they expect inflation.He said it is now an “institutional” asset class.
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“We are in the middle of a paradigm shift,” he said.”And so bitcoin is wildly outperforming gold even though they’re both hedging the same thing.
It’s outperforming because we’re in this once-in-a-generational adoption of crypto.”
Bitcoin was down 4% on Friday to $47,280, more than $10,000 off February’s all-time high.But Novogratz said investors need some “perspective”, flagging bitcoin is up around 60% on the year, while the S&P 500 index is flat.
Advertisement Many seasoned investors are highly skeptical about bitcoin, however, and are expecting it to plunge again as it did in 2017.They argue it
[serves little purpose, as it is too volatile] to be used as a currency.
In January, Elliott Management boss Paul Singer told clients in a letter reported by Bloomberg he thought bitcoin would eventually falter, bringing about a
[“we told you so” moment for him] and colleagues.
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