Home Stock Coinbase has driven 'a lot of madness' and 'that never ends well,'...

Coinbase has driven ‘a lot of madness’ and ‘that never ends well,’ bitcoin bull Novogratz told MarketWatch


Wealthy investor Mike Novogratz speculates that bitcoin could be worth $ 100,000 by the end of 2021 and sees that value fivefold by 2024, as the nascent cryptocurrency market continues to grow and grow. development. But first, the industry may face a bit of short-term computation.

CEO of Galaxy Digital
GLXY,
-16.84%

and the famous cryptocurrency proponent says a lot of the thrill has been created by Coinbase
COIN,
+ 31.31%

IPO, but warned that the market may be ready for “a washout”. He points to enthusiasm for alternative coins – or alternatives to bitcoin – such as dogecoin and XRP.
XRPUSD,
+ 1.57%
,
The token runs on the Ripple Labs protocol, ahead of the Coinbase offering.

“Over the next week we could certainly have some volatility because of the excitement surrounding Coinbase,” former Goldman Sachs
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+ 2.34%

the partner said in the second week of one Invest in crypto virtual events the series is hosted by MarketWatch and Barron’s on Wednesdays.

“I’ve seen a lot of weird coins like dogecoin and even XRP have a huge retail spike, which means there’s a lot of madness right now,” Novogratz said. “That never ends well, and so we might get drifted at some point,” he said of the broader market.

That said, Novogratz remains optimistic about bitcoin and Coinbase in general, and said he views Coinbase’s IPO as a “monument” to the crypto industry.

Coinbase closed up more than 30% from its $ 250 reference price on Wednesday, at one point touching market value over 100 billion dollars. It closed at $ 328.28, down from an intraday high of $ 429.54.

Before listing on Coinbase, bitcoin
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+ 0.68%

hit a record near $ 65,000 and the value of dogecoin has risen to a record of more than 10 cents, corresponding to more than 20% daily gains in digital assets created as a joke currency. 2013 and has become a meme in the social media community.

Meanwhile, XRP coins are up 88% so far this week.

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