Mike Novogratz challenges Steve Hanke after top economist calls bitcoin a ‘fool’s game’
- Galaxy Digital CEO Mike Novogratz has pushed back on economist Steve Hanke’s criticism of bitcoin on Twitter.
- Novogratz defended cryptocurrency after Hanke called it a speculative asset and a “fool’s game.”
- Novogratz told Hanke, “It’s more secure than JPM and Google. Run the numbers yourself.”
Crypto billionaire Mike Novogratz and top economist Steve Hanke have started a Twitter debate on bitcoin.
The CEO of Galaxy Digital has brushed off Hanke’s criticism of the world’s largest cryptocurrency as a “fool’s game”.
“Bitcoin is a highly speculative asset, not a currency. Unreliability, lack of stability and the potential for fraud will continue to plague this cryptocurrency. Don’t be fooled, buying bitcoin is a fool’s game,” Hanke said on Tuesday. do,
Novogratz replied: “Steve has outperformed all assets ytd in 2 year and 3 year on risk adjusted weights (sharp ratio). It’s safer than JPM and Google. Run the numbers yourself.”
Novogratz has long been a crypto bull, predicting that the token’s price will eventually reach $500,000 in five years. He also defended the digital-assets world against the rise of artificial intelligence, saying in a fourth-quarter conference call on Tuesday that US regulators are “shocked” at crypto, and not AI.
His support for bitcoin comes as the cryptocurrency recently enjoyed its best quarter in two years through banking turmoil, with some investors viewing it as an alternative to traditional financial assets. It has gained almost 40% since the beginning of March.
Bitcoin is up nearly 6% over the past 24 hours, trading at $28,399.28 per Coinmarketcap.
But like Hanke, not everyone is on board with bitcoin. The SEC has also stated that crypto assets are speculative and risky, and warned that they can lead to significant losses for investors. The SEC warned, “The only money you should be risking as with any speculative investment is money you absolutely can lose.”