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Cardano Is a “Weird Cult,” Says Billionaire Mike Novogratz

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Sun, 06/13/2021 - 08:00
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Alex Dovbnya
Cryptocurrency bull Mike Novogratz is shocked by Cardano’s mammoth valuation, describing the cryptocurrency’s community as “a cult”
Cardano Is a “Weird Cult,” Says Billionaire Mike Novogratz
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Galaxy Digital CEO Mike Novogratz sees Cardano, the largest proof-of-stake blockchain, as a “weird cult,” according to his recent interview with Yahoo Finance’s Zack Guzman.

The crypto mogul also finds the cryptocurrency’s $46 billion valuation shocking:

And so things like Cardano, it shocks me, the valuation. And it shocks every smart developer I know. They have done something to create this weird cult.

Despite his aversion to the project, Novogratz begrudgingly admits that “community coins” of the likes of Cardano “don’t die easily.”

The billionaire also opined that the value of meme cryptocurrency Dogecoin was debatable, but, nevertheless, he appreciated the satire behind it.

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He’s an Ethereum guy

As reported by U.Today, Novogratz became Cardano-curious back in March, turning the spotlight on the blockchain’s apparent lack of use cases.

IOHK CEO Charles Hoskinson invited the former hedge fund manager to have a talk, but it seems like the latter never responded to the invitation.

Back in March, the Cardano creator claimed that Novogratz—who was a college roommate of ConsenSys CEO Joe Lubin—was drinking from "the Ethereum Kool-Aid."

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.