Cryptocurrency bull Mike Novogratz is shocked by Cardano mammoth valuation but thinks it won’t die easily
In an interview with Yahoo Finance’s Zack Guzman, Galaxy Digital CEO Mike Novogratz had much to say about Cardano. According to him, that “community coins” of the likes of Cardano don’t die easily.
Didn’t make our full interview, but Mike Novogratz is also on the list of smart people who remain shocked by Cardano’s valuation:
“They have done something to create this weird cult.”#Cardano $ADA pic.twitter.com/ZHAhL0sgLi
— Zack Guzman (@zGuz) June 12, 2021
Mike Novogratz is shocked by Cardano’s mammoth valuation, describing its community as a cult
First, Novogratz sees Cardano, the largest proof-of-stake blockchain, as a weird cult. The crypto mogul also found the cryptocurrency’s $46 billion valuations shocking.
Galaxy Digital CEO Mike Novogratz
He stated:
“And so things like Cardano, it shocks me, the valuation. And it shocks every smart developer I know. They have done something to create this weird cult.”
Despite his aversion to the project, Novogratz reluctantly admitted that Cardano would not die easily. Furthermore, when comparing Cardano and Dogecoin, Novogratz emphasized that the value of DOGE is debatable. Still, he appreciates the irony behind it.
In March 2021, Novogratz became curious about Cardano. He turned his attention to blockchain’s lack of clear use cases.
The CEO of digital asset merchant bank Galaxy Digital has expressed his curiosity in a recent tweet, asking Crypto Twitter about its bull case and use cases while questioning the size of the cryptocurrency’s market cap:
Last question before I go shower, can anyone make a real bull case for $ADA? Does anyone build on it? Use it? Why is market cap so high? Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life.
— Mike Novogratz (@novogratz) March 9, 2021
IOHK CEO Charles Hoskinson has already jumped on the opportunity to pitch his creation, inviting Novogratz to a call. Hoskinson invited the former hedge fund manager to speak, but the latter never responded to the invitation.
While Bitcoin trades sideways, Cardano with larger upsides are looking more attractive
At the moment, BTC is sideways and entering the accumulation phase. Because when this sideways pattern ends, it is likely to be a major breakout to the uptrend.
What goes up must go down. But also, this creates greater growth potential in the future, when coins with solid fundamentals will rally again. However, not only Bitcoin but Altcoins are also worth keeping an eye on. For example, Cardano.
Cardano has successfully launched the first smart contract on the testnet. IOHK, the team behind Cardano and the ADA coin, is on track to achieve its public launch goal of going live in the next few months.
As AZCoin News reported, one of Ethereum’s co-founders recently appeared and voiced his support for this coin. Founder of Morgan Creek Digital, co-founder of Ethereum, Anthony Di Iorio also still owns Ethereum and Bitcoin for that matter, but his support of Cardano and other cryptocurrencies adds credibility. for a future where multiple cryptocurrencies coexist.
Well, that escalated quickly.
Link to full interview: https://t.co/pSrf96TtCi
— Dean ? (@CardanoDean) June 9, 2021
Cardano is one of those coins that pretty much everyone thinks will change the world. IOHK and Cardano have been benefiting different communities in Africa and their potential to help the rest of the world will expand dramatically as its smart contracts are later deployed.
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