Mike Novogratz gives his take on crypto news spanning the last few weeks, which is interesting, if not amusing news, for crypto investors.
Galaxy Digital CEO Mike Novogratz spoke on an array of issues of interest to the crypto community and investors from the anticipated Ethereum ETF, anticipated to be launched next week and 60 billion dollar meme cryptos, cryptocurrencies produced as a lighthearted joke.
Meme cryptos are a spit in the face of fiat currencies, which people would prefer to hold as a joke coin than a fiat currency, telling of the times we live in.
A legitimation crisis refers to a decline in the confidence of administrative functions, institutions, or leadership, and perhaps it defines the era.
“Meme cryptos are a spit in the face of fiat currencies”
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Meme Cryptocurrencies; Mike Novogratz gives his take
“Memecoins – whether you’re a fan or not – have become a cornerstone of the crypto economy… In today’s market, they’re one of the most powerful narratives out there,” he said.
“We estimate meme coins on permissionless blockchains have an aggregate market cap of more than $60bn !!,” he added.
Permissionless blockchains, trustless or public blockchains are open networks available to everyone to participate in the consensus process blockchains use to validate transactions and data.
“Meme culture in stock investing Games Stop, and that in Crypto Dog with A Hat the first time you see it, you just laugh, and now it is worth 3 billion dollars, so people are making fortunes,” said Mike Novogratz.
Mike Novogratz gives his take on how to crush it with meme cryptos
“There are two ways to make a fortune in meme coin investing; just have that quirky sense of humour, look at something and say people are going to laugh at that, people are going to love that.
My son-in-law is a great meme coin investor. He loves Dog With Hat and Dodge. The other way is to create one,” he said.
“Meme culture in stock investing Games Stop, and that in Crypto Dog with A Hat the first time you see it, you just laugh, and now it is worth 3 billion dollars, so people are making fortunes”
MIKE NOVOGRATZ
Ethereum ETF; Mike Novogratz gives his take
Ethereum is the coin for crypto investors looking to invest in the utility of blockchain technology, which enables smart contracts and central banks to auction off millions of dollars of bonds directly to investors, bypassing brokers and saving a small fortune in broker fees.
Bloomberg analysts had hinted that the SEC could approve Ethereum ETFs for official trading on July 15th.
A “widespread” pivot in Washington in the last 24 hours just upended the Ethereum ETF game, said Mike Novogratz.
If the SEC’s change of heart was politically motivated, “that’s a seismic shift,” he added.
“If that’s what happened, prices will be much higher than here.”
All indications suggest a “launch [is] still on for this month.”
– Eric Balchunas (Bloomberg Senior ETF Analyst)
Ethereum’s Key resistance level is at $3,100. Breaking and holding above this level could trigger sizable gains and signal a reversal of the current bearish trend.
