Billionaire and Bitcoin (BTC) bull Mike Novogratz, CEO of Galaxy Digital, recently said in an interview with Bloomberg that he doesn’t understand the massive price gains of dogecoin (DOGE) and ripple (XRP).
Dogecoin (DOGE) set a new all-time high of $ 0.415 on April 16, after a bizarre 500% rise in a week. XRP set a new all-time high of $ 1.92 on April 14, up more than 200% since the start of the month.
According to Novogratz, Dogecoin “doesn’t really have a purpose,” and it is mainly young investors who do not want to miss the boat behind this increase. He says he would be very concerned if one of his friends bought DOGE at the current price.
Novogratz says the same about XRP and reports that he does not understand the rise due to the ongoing lawsuit against Ripple. This statement is of course not to the taste of the infamous “XRP army” and Novogratz receives a lot of criticism. For example, lawyer John Deaton says that Ethereum (ETH) may be the next target of the SEC. Novogratz replies as follows:
“I am not the SEC. I have not filed a lawsuit against Ripple. In fact, I’ve been a major shareholder of Ripple since day 1. The SEC has already said that ETH is not a security. I understand why ETH is on the move. I don’t understand the rise in XRP. What’s so hard to understand? ”
To that, the XRP fans reply that SEC said a few weeks ago that it never officially classified Bitcoin and Ethereum. It was statements by the former SEC and CFTC chair that said bitcoin and ethereum are not securities. However, according to Novogratz, the position of the new SEC chairman, Gary Gensler, is quite clear on this.
XRP fans also receive a lot of criticism. The lawsuit is always labeled by them as an attack on the entire crypto market, but not everyone agrees. At the same time, they are constantly blackening bitcoin and ethereum, which is not really a sign of solidarity.
That the lawsuit is mainly about the degree of centralization of XRP seems to have escaped them completely. They also regularly reiterate that XRP was not developed by Ripple, but even Ripple CTO David Schwartz called that previously misleading.