Billionaire bitcoin bull Mike Novogratz says Elon Musk's tweets aren't helping crypto - he just likes the attention
Mike Novogratzsaid Elon Musk's eclectic tweets aren't good for cryptocurrencies.
- "What are you doing? I don't think it's helpful," Novogratz said amusingly in a recent interview.
bitcoincraze may be why his company is going through something of a lull, Morgan Stanley recently said.
Elon Musk may be the entrepreneur of his generation, but his crypto-themed Twitter outbursts aren't good for other investors, billionaire Mike Novogratz said in a recent interview with YouTuber Logic.
The Galaxy Digital CEO described Musk as "smart and thoughtful," but said his often-eclectic tweets were "just not helpful for the
"He likes the attention. He likes talking about CumRocket," Novogratz said, referring to the cryptocurrency that provides a marketplace for the adult content industry. "Come on, you run for the best companies in the world. What are you doing? I don't think it's helpful," he added.
Musk's tweets have created quite a stir for mainstream cryptocurrencies including bitcoin and dogecoin, showing just how nascent the asset class is. The world's most popular digital asset got a boost by Tesla investing $1.5 billion in it back in February. But a lot of new retail investors tend to panic sell post his tweets, causing wild fluctuations in its price.
Some analysts expected his tweets to have less of an impact on the market after the entrance of institutional investors in the space, but so far it seems far from that point.
Morgan Stanley recently said Musk's bitcoin obsession may be why investors are less focused on his electric-vehicle maker's other involvements such as renewables, storage networking, and transportation. "Might Tesla-bitcoin fever may be telling us something about the lull in Tesla sentiment?" the bank's analysts said.
Novogratz also spoke of how bitcoin's true value lies in the community of people around it, and that it would be worthless if no one believed in its potential.
Bitcoin was last trading 2% lower around $38,746 on Thursday. It is up 33% so far this year.
- Elon Musk sparks another Shiba Inu rally ‘to the moon’ — other Shiba coins follow suit
- Elon Musk’s puppy, a new strategy to burn tokens, and altcoins playing catch up — the perfect storm for cryptocurrency Shiba Inu to skyrocket
- Chinese smartphone brands under scrutiny, government to check components, pre-installed apps: Report
- Digital rights advocacy group IFF notices 70% drop in donors as banks unable to keep up with RBI’s recurring payments regulation
- Mariah Carey backs Bitcoin in a new partnership with the Winklevoss twins’ Gemini crypto exchange
- Bollywood actor Shah Rukh's son Aryan Khan's bail plea rejected in cruise ship drugs case
- Jubilant FoodWorks' net profit up by 58% in Sep quarter on strong orders post COVID's second wave
- When Karisma Kapoor played Geet from Jab We Met for Dunzo Daily
- Indian Employees
- Photo Editors Apps
- Google Pixel 6 series
- CBSE examdate sheet
- Tata Punch Price
- Motorola Edge 20 Mobile
- Google TV stick vs Amazon Fire TV stick
- Oneplus 9rt smartphone
- Samsung Galaxy M52 review
- vodafone Idea News
- India Coal Crisis
- iPhone 13 vs iPhone 13 mini
- IRCTC Share price
- Maximum Sixes
- Tata Sons