Galaxy Digital’s founder Mike Novogratz is known to be a billionaire. He recently issued a warning to investors saying that expecting and making 200x or more as returns on crypto is not normal. He made this statement while attending a summit hosted by Christie’s Art. He wanted his audience to know about and understand how volatile the crypto industry can be.
He said that his friends had invested in crypto, and it changed the way they lived. People who weren’t earning that much suddenly had a lot of money because of their investments. He warned them to sell off 2/3rds or 50% of their holdings because it is not usual to make high returns. Apparently, he also went a step further to let them know that not every person is made to be a good investor.
Novogratz is blunt when it relates to criticizing the crypto industry. On Tuesday July 19th, he spoke vehemently about his frustration with the poor practices in the crypto sector. These practices were brought to light by people who attended a crypto summit hosted by Bloomberg. He said that the whole industry seems to look like idiots. He disapproved of specific practices in the crypto market that came to light after Terra had melted down. This meltdown resulted in a loss of $50 billion from the crypto sphere.
After the fallout, Novogratz who was a big Terra supporter got a moon tattoo. This tattoo was supposed to work as a constant reminder that investing in any market requires a level of humility.