Novogratz: Dogecoin, bitcoin are both rallying but these cryptocurrencies are quite different

Longtime cryptocurrency bull Mike Novogratz stressed Tuesday that bitcoin and dogecoin, while both have staged strong rallies this year, are very different in design and in their risk profiles.Bitcoin was launched in 2009 and it's grown in fits and starts into the world's biggest digital currency. On the other hand, dogecoin was started as a joke in 2013, but it's skyrocketed this year as a so-called meme trade on social media hype, including favorable comments from billionaire Tesla CEO Elon Musk and other celebrities.Novogratz, founder and CEO of Galaxy Digital, a crypto-focused financial services company, told CNBC's "Squawk Box" that bitcoin is "a well-thought out, well-distributed store of value that's lasted for 12 years and is growing in adoption, where dogecoin literally has two guys that own 30% of the entire supply." There also are "tens of billions of dollars" of capital expenditures and operating expenses put into the bitcoin…

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