collapsed Terra (Luna) Mike Novogratz, one of the names who defended the token the most, finally shared in his shareholder letter. altcoin He talked about his failure.
Novogratz, who has been alarmingly quiet on Twitter since last week, has been talking about the economy and economy during this time. cryptocurrency He said he was busy thinking about his industry.
Novogratz explained that the algorithmic UST stablecoin, which recently lost its price fix to $1, was a “big idea that failed.”
Mike Novogratz Got Terra (LUNA) Tattoo On His Arm
The famous billionaire said that his company, Galaxy Digital, invested in LUNA in the last quarter of 2020.
In January, Novogratz had LUNA tattooed on his arm and proudly shared it on Twitter. With the collapse of the project, Novogratz was ridiculed for promoting LUNA.
Novogratz said the tattoo on his arm has now “become a memory that constantly reminds him that venture investment requires humility.”
“Bitcoin Drop Triggered Disaster”
Novogratz also talked about the factors that triggered Terra’s collapse in the document he shared.
According to the billionaire, the downward pressure and constant pressure on Bitcoin, which the Luna Foundation Guard uses as a reserve asset, TOP His shootings set the stage for collapse, and the Luna Foundation Guard did not have enough reserves to prevent disaster.
After much thought, it’s time to talk about last week and, more importantly, the weeks ahead. https://t.co/m2pnzpe9Lu
— Mike Novogratz (@novogratz) May 18, 2022
While many have written and drawn on the subject, many are confused by the rapid reset of a Blockchain project ‘too big to crash’.
Novogratz also attributed LUNA’s collapse to unfavorable global market conditions.
However, despite the collapse of Terra, the famous billionaire said that he is confident that the crypto money industry is permanent, but warned investors that the market will not return directly to its old days.
*Not investment advice.