Mark Yusko – the CIO of Morgan Creek Capital Management LLC – recently stated in an interview that he doesn’t understand Dogecoin, nor does he think it has any real utility or use case. In other words, it’s a completely valueless currency.
Mark Yusko Doesn’t Think Much of Dogecoin
Yusko has long been an outspoken critic of Dogecoin and several other forms of digital currency. Dogecoin is a meme-based currency that was created in 2013 by computer programmer Jackson Palmer. Doge was initially designed to be a parody of crypto; something that was making fun of the space and its many fans. Since then, it has become one of the biggest and most popular digital assets around, garnering attention from industry heads like Elon Musk.
In the discussion, Yusko proved very critical of Doge, saying:
The speculative nonsense like Dogecoin, why does it even exist? I mean, my mind hurts, and I said the bear market would be over when DOGE is zero, and I want to stand by that, but I can’t because stupid people are going to be stupid. I get in a debate with this guy, and he’s a friend. He’s like, ‘Memes have value.’
Individuals like Musk are a stark difference from Yusko. Musk has stated that Dogecoin is the “people’s crypto” and has even mentioned that he would like to fly a Doge unit up in one of his SpaceX rockets and leave it on the moon. Lastly, he has ensured that Dogecoin can be utilized as a method of payment with several of his businesses – a stark difference from what he’s done with bitcoin.
However, his love of Doge has sometimes gotten him into trouble considering he’s now facing a class-action lawsuit from Doge investors who, in 2022, plunked tons of money into the token following Musk’s constant pushing of the asset. That period was amongst the most bearish for all forms of crypto, and the investors named in the suit are now dealing with heavy losses.
This is what inspired them to create the suit against Musk. They believe that listening to him is what caused them to lose funds to begin with.
Could the Asset Shoot Back Up?
Like many other forms of crypto, Dogecoin is presently down for the count, having fallen by close to two percent at the time of writing. Its current price is around seven and a half cents. At the same time, Yusko is confident bitcoin will likely experience a solid price surge in the coming months given everyone is gearing up for the next halving, which is set for 2024.
Typically, when bitcoin shoots up, other currencies follow suit, so Doge fans could witness their favorite token also spiking like it never has before in response to BTC’s value jump.