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Mike Novogratz Warns Crypto Investors: “200x Gains Are Not Normal”

 


Mike Novogratz, the founder of crypto asset manager Galaxy Digital and one of the most influential minds in the industry, warns crypto investors that astronomical increases in value from investing in cryptocurrencies are “not normal.”


The corresponding warning of the massive volatility of the crypto markets was issued by Novogratz on Wednesday at the Christie's Art + Tech Summit in New York.


“I had friends who invested heavily in crypto, which completely changed their lives. People who didn’t actually earn much suddenly had a fortune of $5 million in crypto,” said Novogratz. And further:


"I had to shake them hard and tell them, 'You have to sell half or even two-thirds of it because it's not normal to make a 200x profit."

The experienced asset manager underscores these warning words by stating that “not everyone is made to be an investor”, because greed would often stand in the way of the ability to take an objective view.


But not only the investors, but also the crypto industry itself is criticized by Novogratz. At the Bloomberg Crypto Summit on Tuesday, he also vented about the recent misconduct in the crypto industry, which casts a bad light on everyone involved.


"It's totally frustrating, because sometimes the whole industry looks like total idiots," says the expert.


With this, Novogratz is alluding to the failed blockchain project Terra (LUNA), which triggered a domino effect with its dramatic collapse, costing the entire crypto market almost $50 billion.


However, the influential head of the industry also has to take a good look at his own nose, because at Terra's wedding he even had a tattoo of "LUNA" tattooed and thus fueled the hype surrounding the project. A serious mistake as it turned out later. After all, Novogratz later admitted in an open letter that he now sees his tattoo as a “ constant reminder that investing takes humility”.



A few months later, the CEO of Galaxy Digital is now adopting a much more pessimistic tone, believing that blockchain technology will gradually become a cornerstone of the modern world, despite the ongoing crisis.


"Over the next ten years, Web3 and blockchain will change many industries, communities and the Internet, they will increasingly blur the boundaries between real and digital reality," concludes Novogratz.


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