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“Dogecoin Seems Like a Prescription for Disaster”: Bain Capital’s Steve Pagliuca

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Wed, 05/12/2021 - 05:48
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Alex Dovbnya
Bain Capital’s Steve Pagliuca predicts that governments could stifle Bitcoin with regulations
“Dogecoin Seems Like a Prescription for Disaster”: Bain Capital’s Steve Pagliuca
Cover image via www.baincapital.com
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In his May 12 interview with Bloomberg, Steve Pagliuca, co-chairman of private equity firm Bain Capital, called Dogecoin “a prescription for disaster”:

Obviously, it could be a lot of fun to buy a dollar or two of Dogecoin, but I certainly wouldn’t bet my savings on that.

The meme cryptocurrency is currency trading in the green after Tesla CEO Elon Musk ran a Twitter poll to find out whether the leading e-car maker should accept it as a form of payment.

The poll has attracted 3.8 million votes, with the majority of Musk’s followers willing to see the meme coin as a new payment method.

DOGE is still up over 11,000 percent despite a significant correction that occurred during the billionaire’s “Saturday Night Live” hosting debut.     

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Pagliuca also has a Bitcoin warning     

Pagliuca also cannot wrap his head around Bitcoin being a “viable currency.”

That said, he does see it as a better alternative to gold because it’s portable and divisible:   

Bitcoin is actually a more efficient store of value. You can transfer, it’s dividable. The blockchain technology is fantastic, but I think it has a long way to go.  

If Bitcoin does go as far as becoming a currency, he predicts that governments will react to this with draconian regulations.

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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.