Galaxy Founder: Dogecoin's meteoric rise is like flipping off the financial system, $1.2 billion acquisition of BitGo

In a CNBC interview, early investor in Bitcoin/Ethereum and founder of Galaxy Digital, Mike Novogratz, commented on the surge of Dogecoin, saying: "This year's Dogecoin surge is like giving the middle finger to the financial system." He also likened the surge of Dogecoin to the action taken by retail investors in GameStop in the stock market.

Mike Novogratz stated on the show "Squawk Box": "When you think about what the spirit of this whole crypto revolution is, Doge has done something pure." He continued:

It's like giving the middle finger to the entire system. People are pretty unhappy with the current financial system.

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Novogratz's Concerns About Dogecoin

Novogratz expressed his concerns about the sustainability of Dogecoin's rise, stating that he doesn't see Dogecoin as refined as Bitcoin. However, he also mentioned:

I'll tell you, it's very dangerous to short it right now.

He further added that although he wishes he was on the bus, he currently isn't. He said, "I think when the frenzy goes away, it's going to end very badly." Novogratz believes that once the hype fades, it could go all the way down. But I don't want to guarantee that, the meteoric rise of Dogecoin is still quite surprising.

Acquisition of BitGo, Becoming the Second-Largest Custodian After Coinbase

Galaxy Digital recently announced the acquisition of digital asset custodian company BitGo in a cash and stock deal worth approximately $1.2 billion. This news had been circulating at the end of last month and is now officially confirmed.

Novogratz stated, "This acquisition makes us the second-largest custodian after Coinbase, with assets under custody reaching $42 billion."