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Novogratz Brands Dogecoin a ‘Joke,’ Tells Mark Cuban to Steer Clear

Tim Alper
Last updated: | 2 min read

Michael Novogratz, the CEO of the crypto financial services firm Galaxy Digital, has dismissed dogecoin (DOGE) as a “joke” – and has hit out at the outspoken Shark Tank and new DeFi starDallas Mavericks supremo Mark Cuban for his association with the token.

Mike Novogratz. Source: A YouTube video screenshot

Yesterday, Cuban announced that he would allow Mavericks fans to pay for their tickets and branded merchandise in the breakaway token “because we can” and “sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR.”

But in an interview with Bloomberg, Novogratz stated that he wanted to “put people in the safest best stuff,” rather than “joke coins” like DOGE. He said of Cuban,

“I think Mark is making a mistake there. He’d be better off with 15 other different ways to pay for his tickets.”

The BTC bull added that he had made money by betting that dogecoin prices would fall, and warned young investors that they were “at risk” from reckless DOGE investments.

He added that BTC was heading for the USD 100,000 mark, and forecasted that if the token fails to push this limit in 2021, it will accomplish the feat next year.

He also claimed, in a video interview with the same outlet, that the mainstream’s BTC charge could be expected to continue.

Novogratz wrote off BTC’s recent slump as a blip caused by goings-on with American financial regulators that had affected all asset classes, and assured that “blockchain, crypto and BTC” could now be considered as “institutional asset classes,” adding that there was “no debate anymore” on the matter – and asserting that, barring a few exceptions, “everybody is short.”

He went on to add that a “monster” investment was coming in the crypto space.

And the Galaxy Digital chief also talked up the likely appointment of Gary Gensler, President Joe Biden’s nominee for the position of chair of the regulatory Securities and Exchange Commission (SEC).

He stated,

“Gary is going to be great for crypto. Gary is smarter than a whip, he understands blockchain and bitcoin. Now we’ve got an SEC Chairman that’s gonna deal with it head-on. Not every project is going to love what he does. But, broadly, a clear set of rules is nothing but bullish for the space.”

At the time of writing (10:46 UTC), BTC trades at USD 47,156 and is down by 5% in a day and is unchanged in a week. The price rallied by 33% in a month. DOGE, ranked 14th by market capitalization, trades at USD 0.0495 and is down by 2% in a day and more than 1% in a week. It jumped by 56.5% in a month.

Learn more:
Crypto ATM Provider CoinFlip Adds Dogecoin, ‘Validating Its Legitimacy’
DOGE’s Rally Has Revived Dogecoin Development, But For How Long?
GameStop and Dogecoin Show How Memes Can Move Markets
Three Developments For Bitcoin According to Citi
Bitcoin Rally Might Be Back To ‘Normal’ by April or ‘Sooner’ – Pantera’s CIO