Meme cryptos like Dogecoin: a blessing or a curse?

The question is increasingly being asked: Are meme cryptos like Dogecoin a blessing or a curse?

Musk has recently pushed the price of the meme crypto Dogecoin nicely upwards. He is a big fan of the digital currency. But other important people seem to disagree with him. Galaxy Digital CEO Mike Novogratz has doubts about the future of Dogecoin. The billionaire investor says, “It probably doesn’t have a long-term future because no institution is buying it and at some point the interest will disappear.”

Future meme- crypto Dogecoin

Novogratz, who is in charge of a major investor and is not without merit himself, recently discussed with Goldman Sachs the potential for cryptocurrencies, including Dogecoin. During the conversation, the focus was mainly on the rise of meme coins. He said this coin is a highly speculative one, much more so than Bitcoin.

He does not see a long-term view of the currency. He says mint has become so popular for two reasons. First, that’s the investing community: young people empowered as financial players through trading apps and social media platforms. The second reason is that money is cheap now because the government prints a lot of money. That is why there will be alternatives, but that will end once.

A blessing or a curse?

The CEO of another large investment company, Grayscale Investments, answers whether these types of cryptos are a blessing or a curse. “Dogecoin is a demonstration of how easy it is to create a digital asset… Which raises the point of whether it has the potential to gain traction in the real world by solving a real-world problem versus looking for a solution.” a problem that may not exist. Good point.

But that is also with Bitcoin: the world has chosen to believe in this currency and that Bitcoin is a store of value. As long as people continue to believe in the currency, it will hold value. So the emotion has the upper hand!