Mike Novogratz: "The industry looks like a bunch of complete idiots"
From the Terra Luna collapse to the 3AC bankruptcy: this is how gloomy crypto top investor Mike Novogratz sees the industry's current state.
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From the Terra Luna collapse to the 3AC bankruptcy: this is how gloomy crypto top investor Mike Novogratz sees the industry's current state.
Top investor Mike Novogratz rakes in a recent Bloomberg-interview about the current state of the crypto industry.
The Terra crisis and the collapse of Three Arrow Capital have shown that greed and ignorance dominate the sector, according to the CEO of investment firm Galaxy Digital. There was also a lack of prudent risk management. According to Novogratz, Terra's collapse was highly predictable.
Galaxy Digital did invest in the project itself in 2020. Novogratz even has a Terra tattoo. The bankruptcies severely damaged confidence in the space and in the infrastructure, says Novogratz. "It’s frustrating because the whole industry sometimes looks like a bunch of idiots."
Galaxy Digital was founded in 2008 and is now one of the largest US crypto investment firms. This year it posted a $300 million loss, according to its own figures.
