The CEO of Galaxy Digital Holdings, Mike Novogratz, has expressed concerns over the future of cryptocurrencies. In his interview with Goldmann Sachs, the CEO referred to Dogecoin as being more speculative than Bitcoin and that its future prospects are looking bleak given the reduction in its investment.
He has attributed its instability to tribalism by investors and an increase in the amount of money printed by the government.
Doge has in the recent past experienced significant shifts in market trends. Earlier this month, it hit its highest value yet at $0.62. However, its market value received a negative blow due to sentiments expressed by Tesla CEO Elon Musk, who also boosted it by asking Coinbase to List it.
It has in the recent past benefited from support from major players such as Coinbase and Dallas Mavericks, among others.
In the same interview, Grayscale Investment CEO – Michael Sonnenshein stated that dogecoin represented how easily digital assets can be made. He advised potential investors to exercise caution and conduct research on the value of these assets and potential returns.
He added that in spite of this, the adoption of cryptocurrencies was continuing to go up, with major institutions such as banks and tech companies heavily investing in them.