RATE Group | Beyond Meat Stock Performance Reminds Novogratz of Bitcoin in 2017
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Beyond Meat Stock Performance Reminds Novogratz of Bitcoin in 2017

03 Aug Beyond Meat Stock Performance Reminds Novogratz of Bitcoin in 2017

Posted at 21:38h in Bitcoin News by

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CEO of crypto merchant bank Galaxy Digital Michael Novogratz said that vegetarian meat startup Beyond Meat reminds him of cryptocurrencies in 2017. Novogratz delivered his comments in an interview with CNBC published on August 1.

Innovation brings speculation, creating bubbles

During the interview, Novogratz declared that Beyond Meat reminds him of the state of the crypto market in 2017, suggesting that the price is in bubble territory given its parabolic rise this summer. 

He further provided an analysis of the phenomena and some grim predictions concerning the stock:

“I think big ideas grab the attention of people, you see. You get great bubbles on big ideas, this is a great bubble, I mean, it’s a ludicrous price, but everyone got sucked in. All the young guys on their Robinhood accounts are buying this, and this is their crypto […] And then reality does set in.”

Novogratz also cited the recent reports that the company’s CEO, Ethan Brown, decided to sell more stocks, which…

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