Billionaire Mike Novogratz Shares His Stance on Cardano (ADA) and Its Current Valuation
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Mike Novogratz, the CEO of Galaxy Digital, has described Cardano (ADA), the emerging smart contract platform as a “weird cult.”

In an interview with Zack Guzman of Yahoo Finance, Novogratz said he can’t believe that Cardano market capitalization is currently more than $46 billion.

Read Also: Galaxy Digital CEO Mike Novogratz Reveals Percentage of BTC and ETH in His Portfolio

Zack Guzman tweeted, “Didn’t make our full interview, but Mike Novogratz is also on the list of smart people who remain shocked by Cardano’s valuation: “They have done something to create this weird cult.”

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Mike Novogratz’s stance about Cardano (ADA) in words:

“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.

Read Also: Hoskinson Says Ethereum Is One of the Greatest Innovations; Vitalik Says Cardano Has Interesting Ideas

However, he pointed out that community coins, such as Cardano (ADA), don’t die easily.

The billionaire is also of the opinion that the current value of the popular meme token, Dogecoin (DOGE), is questionable, howbeit, he appreciates the satire behind it.

Novogratz Has Always Been an Ethereum (ETH) Stern Supporter

As reported by Herald Sheets, Mike Novogratz started asking questions about Cardano (ADA) use cases sometime in March 2021.

Back then, asked, “Last question before I go shower, can anyone make a real bull case for ADA? Does anyone build on it? Use it? Why is market cap so high? Should it be a funding asset? It’s one of the few cryptos I haven’t traded in my life.”

Read Also: CoinShares: Ethereum, Cardano, XRP Are the Investment Products with Largest Inflows

Afterward, Charles Hoskinson, the creator of Cardano (ADA) invited him for an in-depth discussion about the subject. He initially accepted the call, but it seems the call didn’t happen.

Meanwhile, Novogratz has been seen several times touting Ethereum (ETH), the major competitor of Cardano (ADA) in the industry. Back in March, Hoskinson claimed that Novogratz, who was a college roommate of Joe Lubin, the CEO ConsenSys, was drinking from “the Ethereum Kool-Aid.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.