Billionaire Mike Novogratz has blown GameStop’s rating, warned against buying Dogecoin and accused the Fed of fueling speculation in three interviews. Here are the 10 best quotes.
- Mike Novogratz cited GameStop and Dogecoin as examples of investor exuberance.
- Galaxy Digital’s CEO argued that Bitcoin and Ethereum prices are much less frothy.
- Novogratz also criticized the Federal Reserve, suggesting that the NFTs have peaked.
- You can find more articles on Insider’s business page.
Billionaire investor Mike Novogratz questioned GameStop’s valuation, warned against buying Dogecoin, and in a recent trio of interviews accused the Federal Reserve of fueling market speculation.
Galaxy Digital’s CEO also said that Bitcoin and Ethereum look cheaper than other cryptocurrencies. The predicted Dogecoin will go down in price but not entirely, suggesting that the hype about non-fungible tokens (NFTs) has peaked. He made the comments last week to CNBC, Yahoo Finance and Bloomberg.
Here are the 10 best quotes from Novogratz from the interviews, which have been slightly edited and condensed for clarity:
1. “Very young investors are crazy about memecoins and meme ideas. It’s shocking to me that GameStop continues to have value, let alone a market cap of $ 10 billion or $ 12 billion. Dogecoin is even more bizarre in that regard.”
2. “The real foam isn’t in Ethereum, not in Bitcoin, not in Coinbase, it’s in smaller altcoins. Dogecoin is a meme coin that actually has no purpose, but has raised up to $ 50 billion in market capitalization. There are lots of young people in the Reddit chat rooms who love Doge – both Elon Musk and Mark Cuban pump it up. I would be very concerned if a friend of mine invested in Dogecoin at these prices. “
3. “You have to be very careful with Dogecoin, it’s a dog.”
4. “All of this happens because the interest rates are zero.” – The speculative asset boom is a product of the Federal Reserve’s interest rate cut, which has enabled cheap borrowing and made saving less attractive.
5. “Retail has a little between its teeth in many ways. They’re not giving up on GameStop, they’re not giving up on Dogecoin right now. It’s dangerous to be short, but I wouldn’t be long either.” “” 6. “I don’t think Dogecoin will have any legs. It’s all retail and there is no one behind it, no institutions, no strategic buyers, no one working to make Dogecoin a part of your portfolio. This is a retail phenomenon driven by the fact that Fed Chairman Powell gives money to everyone. There is too much money in the system and it drives up asset prices. You watch these crazy little episodes from time to time. ”
7. “I think the price of Dogecoin will be a lot lower than it is if the energy is lost. But I’m not sure it will go to zero. There will be a die-hard Doge community out there to support it somewhere. “
8. “These coins belong to communities. They are almost like European soccer teams: they have their own songs, their own myth, their own vocabulary. If you are part of XRP, you are the XRP army, or if you own Luna, you are you’re a madman. You die slower than people predict. “
9. “There are some pockets of foam and speculation in retail. There is insanity in retail, but it’s not really seen in Bitcoin and Ethereum. Money flows out of them and flows into other coins for more juice and excitement.” receive.”
10. “We had some crazy prices in the NFT space. I don’t think anyone else is going to pay $ 69 million for a Beeple.”