Cuban’s Dallas Mavericks accepting Dogecoin is a mistake – Bitcoin is where the action is - Novogratz

Mike Novogratz says that Mark Cuban is making a mistake by accepting Dogecoin for Dallas Mavericks tickets and merchandise, calling it a “joke” and adding that the emphasis should be on Bitcoin. 

In an interview on Bloomberg TV, Novogratz, the CEO of Galaxy Digital, said that Bitcoin was where it was all happening, and that banks were “frantically” trying to get in on the leading cryptocurrency. 

“in the last two months, bitcoin, and crypto, and blockchain have become an institutional asset class – there's no debate anymore” 

On Cuban and Dogecoin, Novogratz said that he had made money being short on Doge, it didn’t have a community and it was just a meme coin. He added that it was far better to put people on to the good stuff and not onto what he called “joke coins”. 

Novogratz mentioned how big banks like JP Morgan, Morgan Stanley, Goldman Sachs, and all the tech companies were getting involved.  

“every once in a while, you have paradigm shifts in markets. We are in the middle of a paradigm shift, and so bitcoin is wildly out-performing gold” 

When asked about Gary Gensler and his statements that he thought that crypto was a concern, Novogratz said: 

“I think Gary is going to be great for crypto. Gary is smarter than a whip. He understands blockchain and bitcoin and he taught it at MIT” 

He went on to say that “clarity around the rules can only help the space”, and that he thought that Jay Powel, the Fed Chairman, did not want to deal with the crypto space in general, and it was for this reason that he was negative on the asset. 

Novogratz said that he stood by his prediction of a $100,000 bitcoin by the end of the year, or higher, because of the arrival of “new participants”. He said: 

“What’s interesting to me is that the downside has been taken away. It used to be that people thought ‘Oh, this is tulips’ - no one thinks that anymore.” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Publication date: 
03/05/2021 - 15:12
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