- Mike Novogratz compared crypto-fanatics to anti-vaccinators, in terms of their stubborn beliefs.
- The president of Galaxy Digital said GameStop fans show a similar level of passion and commitment.
- Novogratz revealed that it cuts short the viral origins when it explodes in popularity.
- See more stories on the Insider Business page.
Bitcoin bull Mike Novogratz has compared some crypto-fans to anti-vaxxers in their convictions, noting that GameStop followers show the same kind of blind dedication.
The billionaire investor and CEO of Galaxy Digital spoke at the Barclays Financial Services Conference this week. He noted that if he questioned Cardano’s roughly $80 billion market cap on Twitter, he would be inundated with thousands of attacks by coin supporters.
“It’s like telling a Manchester United fan that Man U is miserable, or going to the Eagles’ game wearing the Giants shirt,” Novogratz said, according to a transcript on financial research website Centio.
“These ecosystems are incredibly hydrophobic,” he continued. “They’re excited. It’s like an anti-vaccine — you can’t tell an anti-vaccine they’re wrong, right? They customized this stuff.”
Novogratz said that viral assets such as Cardano, dogecoin or GameStop and AMC stocks don’t make sense for rational investors given their limited functionality or strong valuations. However, online communities have sprung up around them, and hardcore members have made owning and promoting these assets an essential part of their identities, he continued.
“GameStop is a cryptocurrency at this point, and there is no correlation to its profitability,” Novogratz said.
The chief of Galaxy Digital has revealed that he is seeking to capitalize on the biting, but often short-lived, excitement around meme stocks and altcoins.
“I love short selling, because that’s how I get the things I love,” he said. “The moment this community gets really big, you’re going to shorten it.”
However, Novogratz indicated that it cashes in its dividend as soon as a sell-off occurs, as the support bases for the viral assets have proven much more flexible than he had expected.
Novogratz also spoke about the prospects for the crypto industry at the conference. The sector is only taking off now, he said, and failure to invest in the space would be like losing the Internet in the early 2000s.
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