Novogratz: There May Be a Bubble in Bitcoin, But Bitcoin Itself Isn’t a BubbleLegendary billionaire hedge fund investor Mike Novogratz stated that there may be a bubble in bitcoin in certain regions but the cryptocurrency itself isn’t a bubble.
As CCN previously reported, Novogratz noted that bitcoin and the cryptocurrency market could become the biggest bubble “of our lifetimes.”
“I think this [crypto] is going to be the biggest bubble of our lifetimes by a long shot. To be fair, this is a bubble and there’s a lot of fraud mixed in. We look at tons of projects. And some get funded, and they literally look like Ponzis,” said Novogratz.
Novogratz further emphasized that there were many bubbles in the past around innovative and revolutionary technologies such as the Internet. The dotcom bubble for instance overvalued projects by significant margins, with several companies selling at billions of dollars by owning a domain or an online business.
But, the Internet itself was evidently not a bubble. It has transformed every industry in the world by revolutionizing communication and processing of information. There was a bubble around Internet, as demonstrated by the dotcom era, however the technology itself was not a bubble, a fraud, or a scam.
READ MOREI think this is true we can't compare bitcoin with the previous bubbles such as dot com and tulip bubble, bitcoin is way different from those two. Bitcoin has a lot of investors that will never it burst if it is a bubble.
