Former LUNAtic Mike Novogratz tells his investors that the insane returns seen in the crypto space are unsustainable. Bitcoin and altcoin billionaire states that this is not normal and warns investors.
Bitcoin and altcoin billionaire warns of high volatility
Mike Novogratz, billionaire founder of crypto asset management firm Galaxy Digital, spoke at Christie’s Art + Tech Summit in New York on Wednesday. The Bitcoin and altcoin billionaire warned listeners about the high volatility of the crypto industry. Mike Novogratz said that it is not normal to get more than 200x returns on crypto investments. Famous billionaire Novogratz expressed the following in his speech:
I had friends who bought a lot of cryptocurrencies. However, this changed their lives. These were the guys who didn’t make a lot of money but suddenly had a net worth of $5 million in crypto. I shook them and made them look me in the eye. I said, ‘You have to sell half or two-thirds of it, it’s not normal for you to make 200 times that.
The Galaxy Digital founder says greed often gets in the way of rational thinking. In this context, he advises to be more cautious, saying that “not everyone is created to be an investor”.
Confessions from Mike Novogratz as a LUNAtic
Meanwhile, Mike Novogratz hasn’t been shy when it comes to criticizing the crypto industry. On Tuesday, he also shared his views with attendees of the Bloomberg Crypto Summit. He spoke of his frustrations with the recent incompetence and bad practices in the industry. “This is very frustrating,” Novogratz said. Because at times the whole industry seems like a bunch of idiots,” he said.
cryptocoin.comAs you follow, the Terra ecosystem has evaporated approximately $50 billion from the digital asset space in the last period. Mike Novogratz’s criticism came less than two months after this catastrophic crash. After this disappointment, he clarified that he does not approve of certain applications in the cryptocurrency space. The famous billionaire was a vocal proponent of the Terra project, which made him famous with a moon-themed tattoo. Novogratz wrote in an open letter to his followers in May, saying:
My tattoo will be a constant reminder that venture investing requires humility.
Mike Novogratz looks more pessimistic than usual, especially when combined with the recent market turmoil. However, he also says that eventually Blockchain-based technology will gradually become a fundamental part of the future of the modern world. In this regard, he says:
In the next decade, Web3 and Blockchain will reshape industries, communities and the internet as we know it. It will blur the lines between our physical and digital realities.
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