Monday, June 14, 2021
JAY TALKS CRYPTO
No Result
View All Result
  • Home
  • Bitcoin
    • Bitcoin Live
    • Non Gamstop Casino
  • Ethereum
  • Cryptocurrency
    • Cryptocurrency live
  • Altcoins
    • Altcoins Daily
  • Cardano
    • Cardano Price Prediction
  • XLM Live
    • XLM
  • XRP
  • Litecoins
  • Dogecoin
  • More
    • Coingecko
    • Coin Bureau
  • Videos
JAY TALKS CRYPTO
No Result
View All Result
Home Dogecoin

Rallies in dogecoin, bitcoin are quite different, says Mike Novogratz

admin by admin
April 20, 2021
in Dogecoin
0
Rallies in dogecoin, bitcoin are quite different, says Mike Novogratz
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


Longtime cryptocurrency bull Mike Novogratz stressed Tuesday that bitcoin and dogecoin, while both have staged strong rallies this year, are very different in design and in their risk profiles.

Bitcoin was launched in 2009 and it’s grown in fits and starts into the world’s biggest digital currency. On the other hand, dogecoin was started as a joke in 2013, but it’s skyrocketed this year as a so-called meme trade on social media hype, including favorable comments from billionaire Tesla CEO Elon Musk and other celebrities.

Novogratz, founder and CEO of Galaxy Digital, a crypto-focused financial services company, told CNBC’s “Squawk Box” that bitcoin is “a well-thought out, well-distributed store of value that’s lasted for 12 years and is growing in adoption, where dogecoin literally has two guys that own 30% of the entire supply.” There also are “tens of billions of dollars” of capital expenditures and operating expenses put into the bitcoin ecosystem every year that just aren’t there for dogecoin, he added.

Bitcoin has been on a tear in recent months, more than doubling in 2021 to an all-time high of nearly $65,000 per coin last week before a sharp decline over the weekend. Bitcoin, which accounts for over half of the more than $2 trillion market value of all cryptocurrencies put together, was around $56,000 on Tuesday. As recently as October, it traded below $11,000 per coin.

Dogecoin started to attract attention in late January around the time of the Reddit-fueled GameStop stock trading frenzy. So far this year, it soared more than 8,000%, according to Coindesk. Dogecoin, which recently set an all-time high around 45 cents per coin, traded at roughly 38 cents on Tuesday. It was worth fractions of a penny at the start of 2021.

“Dogecoin speaks to a lot of the same movement that GameStop did,” the billionaire investor Novogratz said, while acknowledging he’s been “wrong about doge” so far.

“There is a crazy excitement [from] very young investors around meme coins and meme ideas. I mean, it’s shocking to me that GameStop continues to hold any value,” he added. “Dogecoin is even more bizarre in that respect.”

Dogecoin’s surge has picked up steam recently, making it the fifth-largest cryptocurrency by market cap at around $50 billion, according to CoinMarketCap. Bitcoin’s market cap is more than $1 trillion.

Novogratz and other proponents of bitcoin point to its inherent scarcity as a characteristic supporting its value, with some backers likening it to “digital gold.” Its supply is limited to 21 million units, and new bitcoins come into circulation as a reward for so-called miners, who use high-powered computers to verify transactions across the decentralized network. There are currently 18.69 million bitcoins in circulation, according to Coindesk.

Dogecoin, by contrast, has no such supply cap, which is one reason some people are very skeptical of the cryptocurrency’s massive rally and worry that people buying it will ultimately get burned. According to Coindesk, there are more than 129 billion dogecoins.

“Retail has the bit between its teeth in lots of ways,” Novogratz said. “They’re not giving up on GameStop. They’re not giving up on dogecoin right now,” he added, calling it “dangerous to be short” while stressing that he “wouldn’t be long” either.

While there are also many bears on bitcoin, some Wall Street firms such as Morgan Stanley and Goldman Sachs have separately announced intentions to offer their wealth management clients exposure to bitcoin. Companies like Tesla have used cash on the balance sheet to buy bitcoin. Institutional adoption has been cited as one factor propelling the rise of bitcoin.



Source link

Related articles

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

June 14, 2021
Dogecoin non-fungible token sells for $5m

Dogecoin non-fungible token sells for $5m

June 14, 2021
Tags: BitcoinDogecoinMikeNovogratzrallies
Share76Tweet47

Related Posts

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

Dogecoin Twitter News: Will DOGE Soar After AMC Short Squeeze? Elon Musk’s ‘Like’ Has DOGE Army Hopeful

by admin
June 14, 2021
0

Dogecoin (CCC:DOGE-USD) continues to be a hot topic for crypto traders on Twitter and Monday is no different with...

Dogecoin non-fungible token sells for $5m

Dogecoin non-fungible token sells for $5m

by admin
June 14, 2021
0

The now iconic picture of a smirking Shiba Inu just became the most expensive meme to sell as a...

Started The Year With $1,000 Bet on Polygon (MATIC), Dogecoin? Your Coins Can Still Fetch A High-End Tesla

Started The Year With $1,000 Bet on Polygon (MATIC), Dogecoin? Your Coins Can Still Fetch A High-End Tesla

by admin
June 14, 2021
0

Any investor who began this year with a $1,000 bet on Polygon (MATIC) or Dogecoin (DOGE) can happily laugh...

Shiba Inu Outperforms Dogecoin As Meme Coins See Rekindled Social Media Interest

Shiba Inu Outperforms Dogecoin As Meme Coins See Rekindled Social Media Interest

by admin
June 14, 2021
0

Meme coins were in the crosshairs of social media users on Sunday night, but debutant dog-themed coins gained more...

Ferrari F8 Tributo Owner Embraces Cryptocurrencies With A Dogecoin Wrap

Ferrari F8 Tributo Owner Embraces Cryptocurrencies With A Dogecoin Wrap

by admin
June 13, 2021
0

Cryptocurrencies have gone on a wild ride this year and the owner of this Ferrari F8 Tributo is clearly...

Load More
  • Trending
  • Comments
  • Latest
2021 Coinbase Debit Card Review • Pros, Cons & More • Benzinga

2021 Coinbase Debit Card Review • Pros, Cons & More • Benzinga

April 14, 2021
MASSIVE NEWS Hokkaido inu Exchange news+ More! 1000x gem! If you missed shiba inu dont miss this!

MASSIVE NEWS Hokkaido inu Exchange news+ More! 1000x gem! If you missed shiba inu dont miss this!

May 12, 2021
Kishu Inu Mega pump! We called it first! Kishu inu Pump update+ Discord updates!

Kishu Inu Mega pump! We called it first! Kishu inu Pump update+ Discord updates!

May 15, 2021
Shiba Inu coin 1000x Exchange+massive news+ Shib Price Prediction!

Shiba Inu coin 1000x Exchange+massive news+ Shib Price Prediction!

May 11, 2021
Stellar Lumens Is Volatile, But It Has a Bright Future

Is Stellar Lumens on the Right Path to Mainstream Credibility?

0
Want to be rich? Bitcoin’s limited supply cap means you only need 0.01 BTC

Want to be rich? Bitcoin’s limited supply cap means you only need 0.01 BTC

0
Risky business

Risky business

0
Cardano Price Analysis: 07 March

Cardano Price Analysis: 07 March

0
Stellar Lumens Is Volatile, But It Has a Bright Future

Is Stellar Lumens on the Right Path to Mainstream Credibility?

June 14, 2021
Bitcoin $49470, Ripple $1.03600, Dogecoin $0.45. Cryptocurrencies Price Prediction – European Wrap

Elon Musk energizes BTC bullish thesis, with ETH and XRP range-bound

June 14, 2021
Ethereum investment products see largest weekly outflows on record — CoinShares

Ethereum investment products see largest weekly outflows on record — CoinShares

June 14, 2021
Bitcoin tests resistance at $40,000, altcoins await the outcome of this battle

Bitcoin tests resistance at $40,000, altcoins await the outcome of this battle

June 14, 2021

Recent News

Stellar Lumens Is Volatile, But It Has a Bright Future

Is Stellar Lumens on the Right Path to Mainstream Credibility?

June 14, 2021
Bitcoin $49470, Ripple $1.03600, Dogecoin $0.45. Cryptocurrencies Price Prediction – European Wrap

Elon Musk energizes BTC bullish thesis, with ETH and XRP range-bound

June 14, 2021

Categories

  • Altcoins
  • Altcoins Daily
  • Bitcoin
  • Bitcoin Live
  • Cardano
  • Cardano Price Prediction
  • Coin Bureau
  • Coingecko
  • Cryptocurrency
  • Cryptocurrency live
  • Dogecoin
  • Ethereum
  • Litecoins
  • Videos
  • XLM
  • XLM Live
  • XRP

Follow Us

Calculator

 
  • Privacy & Policy
  • About Us
  • Contact Us

© 2021 Jay Talks Crypto  

No Result
View All Result
  • Home
  • Bitcoin
    • Bitcoin Live
  • Ethereum
  • Cryptocurrency
    • Cryptocurrency live
  • Altcoins
    • Altcoins Daily
  • Cardano
    • Cardano Price Prediction
  • XLM Live
    • XLM
  • XRP
  • Litecoins
  • Dogecoin
  • More
    • Coingecko
    • Coin Bureau
  • Videos

© 2021 Jay Talks Crypto