While the Galaxy Digital CEO was still an avid fan (and major investor) of Terra (LUNA), Mike Novogratz now says the collapse “shook confidence in crypto and DeFi.” The algorithmic stablecoin was a “big idea that failed”.
Among other things, Novogratz sees the difficult market conditions for risky assets in general as an influencing factor.
The CEO goes on to explain four pillars of investing that are “particularly relevant to crypto investing”: diversification, regular profits, risk management, and considering the larger macro framework in which one invests.
Despite everything, Novogratz is bullish. “Most importantly, Galaxy and I are fully focused on continuing to support the crypto ecosystem as the need for innovation that democratizes access to ownership and enhances trust and transparency is greater than ever,” he said 57 year old.
However, the crypto market would not recover immediately, says the CEO. Rather, a restructuring and renewed confidence in crypto is needed. “Crypto moves in cycles and we just experienced a big one,” Novogratz said in his letter.
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