Three Arrows Capital CEO, Su Zhu, expressed his bullish sentiment in Dogecoin – CEO of Three Arrows Capital, Su Zhu, expressed his bullish thesis on Dogecoin (DOGE). To note, Dogecoin is also the favourite cryptocurrency of Tesla’s CEO, Elon Musk.
Zhu outlined his thoughts on Dogecoin in one episode of “The Game Theory of Crypto Podcast”. Further, he stated that he’s keen on DOGE currently because he thinks DOGE is easy to understand. Most importantly, he believes that the cryptocurrency effectively captured the interests of “blue-collar” traders, compared to other cryptos on the market today.
In the interview, Zhu also mentioned the popular trading app, Robinhood. Here, he explained that that app just released a Q2 report that showed that 62% of the firm’s crypto revenue, actually came from Dogecoin trading:
The best way to understand DOGE, I think, is that if you look at Robinhood, which is sort of the most blue-collar style of crypto investing, DOGE is 60% of their crypto revenue. And crypto is 40% of Robinhood’s revenue, so Robinhood is basically a DOGE proxy.
Additionally, Zhu added that “Interestingly across Coinbase, I mean, a few days ago, DOGE volume was higher than Ether…You know, people want to trade DOGE.”
Zhu also cited Elon Musk’s tweet saying that Dogecoin is the people’s crypto. In addition, Musk stated that many can own “whole amounts of it” since a “man who drinks beer can understand it,”.
Dogecoin is the people’s crypto
— Elon Musk (@elonmusk) February 4, 2021
However, there are still those who steer away from DOGE because of its meme coin status and volatility. But Zhu refuted this and added”, “It is just simple. And it’s also fair launched by the way. So there’s no risk of having it ever be deemed a security, right?”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.