Michael Novogratz calls memecoins a “cornerstone” of crypto despite critics labeling them “silly casino chips.”
In a post on X, CEO of Galaxy Digital Michael Novogratz he reaffirmed his support for memecoins, referring to them as a “cornerstone” of the cryptocurrency space.
However, not everyone agrees; many continue to refer to them as just “silly casino chips.”
In a video from Business Untitled that he uploaded on June 13, Novogratz remarked, “So people are making fortunes and there are two ways to make fortunes in memecoin investing,” asserting that they are the “most powerful narratives out there.”
According to Novogratz, the first step is being able to choose which memecoin to invest in.
He added that even his son-in-law is interested in the area. “One is to have that one quirky frickin’ sense of humor and say ‘people are going to laugh at that, people are going to love that,” he remarked.
“Yeah, my son-in-law is a great meme investor, I didn’t think there was such a thing until I met the guy, and he just keeps making money, he never sells, he loves Doge, he loves Dogwifhat,” he explained.
“You know Dogwifhat, the first time you see it, you just laugh, now it’s worth $3 billion,” he added.
Making your memecoin is the second way to benefit from them, as stated by Novogratz.
It comes after research published on June 3 by Galaxy Digital refuting recent claims that memecoins are merely a fad, considering their original goal was creating wealth.
Some claim that this defect demonstrates that memecoins are transient or will eventually fade away as more people gain and lose money.
But as we’ve already mentioned, memes and the need to make quick money have always existed,” the statement said.
Some in the cryptocurrency space, meanwhile, weren’t as fond of memecoins.
