Coinbase is Poster Child of Cryptospace per Michael NovogratzOctober 3, 2018
Michael Novogratz referred to Coinbase as “Poster Child of Crypto Space.” Recode values Coinbase at $8 billion.
Coinbase being valued at $8 billion is a sign of legality according to Michael Novogratz. Coinbase would become the most valued startup in the US if the deal with Tiger Global materialized.
Tiger Global is a limited liability company that deploys investment in both private and public sector markets. They invest in broad categories like Wealth Management, Venture Capital, Telecommunications, Social Media, Internet, Hedge funds, and Information Technology. Tiger Global is well-known for risk-adjusted returns for its customers in the long term. The company has a total lead investment of 137 and out of 261 investments.
Udesk, Stripe, Postmates, Miss fresh E-commerce, Zhenkunhang, Root Insurance or just a few companies to name. Michael Novogratz stated, “Tiger is not a flake investor. They are smart and savvy guys.”
Warren Buffet, CEO of Berkshire Hathaway referred to Bitcoin as a “Rat poison.” This creates an impression that Wall Street is not completely sold to the idea of Cryptocurrency and its value. There were several other financial giants like Ken Griffin; the Hedge Fund Manager compared the cryptocurrency with the “Tulip Bulb Mania of Hong Kong.”
Ken Griffin, is very keen about building a competitive macro business. He stated that investors are in a buying binge. The buying binge being fueled by the debts. He also said that “Next risks are going to be very big for the government to manage.” He noted that the current buying binge would lead to a significant financial crisis.
“Every crisis of the West over the past 50 years has been ultimately solved by government,” he further added, that it has been a “sea change” in the EU and that it is not going to be possible for individual governments to issue debt in their currency.
Dennis Gartman did as well compare the cryptocurrency to the Tulip Bubble. Dennis Gartman is the editor of “The Gartman Letter” which is a daily newsletter that mainly discusses the global capital markets. He has previously advised the investors to stay the heck away from Bitcoin. He has used terminologies like punter’s dream, criminals, millennials, and more. He also stated that he will never be long or short of cryptocurrencies and that he will not trade it.
However, several financial experts disagree with the negative remarks. Roger McNamee, stated that despite Bitcoin being a hype, it could well withstand a crash. He even feels that it can be legitimate.
Catherine Wood, CEO of Ark Investment Management stated that Bitcoin is a lot bigger than even Apple. While just one analyst or expert are not making warnings against cryptocurrency, there are also pro views about the cryptocurrency coming from several investors. Regardless, cryptocurrencies are a highly speculative asset and no denying it.