Mike Novogratz, chief executive of crypto management firm Galaxy Digital, is warning XRP, Dogecoin and other crypto investors of a potential “frenzy” in the market.
Coinbase going public on Wednesday has caused a lot of volatility in the market overall, Novogratz tells MarketWatch.
“I’ve seen a lot of weird coins like Dogecoin and even XRP have huge retail spikes, which means there’s a lot of frenzy right now.
That never ends well, and so we’ll probably have a washout at one point.”
Novogratz still believes, however, that in the long run, the overall sector will see massive gains.
Says the Galaxy Digital CEO to CNBC,
“I think right now, total crypto wealth is roughly $2 trillion, so that’s one half of 1% of all wealth. If you don’t think in the next two to three years that can be 2-3%, you’re not paying attention to the trends. The amount of growth that we’re going to see in our space is staggering.
We’re just getting started, and what’s important is institutions now realize this is an asset class. It wasn’t an asset class eight months ago. I was hoping it would be. I was praying it would be. I was trying to convince people it would be. But now it’s an asset class. And every single participant we talked to is getting involved.”
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