Mike Novogratz Says that 200x Returns in Crypto are Abnormal

The founder of Galaxy Digital, a cryptocurrency asset management company, has warned that over 200X returns in the cryptocurrency sector are abnormal. Novogratz is one of the largest investors in the cryptocurrency space.

Mike Novogratz warns of 200x returns in crypto

Novogratz was giving a speech at the Christie’s Art + Tech Summit in New York earlier this week, warning the audience about the extremely volatile nature of the cryptocurrency industry.

Novogratz said he had friends who had bought many cryptocurrencies, and their lives had changed because of this investment. Some people who had not initially made a lot of money had suddenly raked in a $5 million net worth out of investing in crypto. He advised them that such returns were not normal, and they had to sell half or two-thirds of their returns.

However, he urged people to be more cautious about investing in cryptocurrencies, saying that not everyone was capable of being an investor. Greed came in the way of rational thinking, which made cryptocurrencies an even riskier investment.

This is not the first time Novogratz has invested in the cryptocurrency sector. Earlier this week, Novogratz aired his frustrations about the poor practices within the crypto industry. He said that the recently held Bloomberg Crypto Summit exposed the cryptocurrency market’s poor nature.

According to Novogratz, sometimes it was frustrating because some bad actors made it seem like the entire industry was made up of idiots. The disapproval of Novogratz towards the cryptocurrency space comes after he lost money after investing in the collapsed Terra Luna network.

The Terra network suffered a massive collapse, losing around $50 billion worth of investments. Novogratz was one of the largest investors within the Terra Luna ecosystem, and he even had a tattoo of the Terra project. After the Terra ecosystem collapsed, Novogratz published an open letter telling his followers that the tattoo would be a reminder that being a venture investor needed humility.

Novogratz still believes in blockchain technology

Novogratz has expressed more pessimism towards the cryptocurrency sector in recent days compared to the past. His loss after investing in Terra LUNA and the recent bear market has triggered his loss of confidence in cryptocurrency investments.

However, Novogratz is still a believer in blockchain technology. He has recently said that blockchain will become one of the key aspects of the modern world. Over the next few years, Web 3 & crypto technologies will transform industries, communities, and the internet. Moreover, it will also draw a line between the physical and the digital world by outlining distinct features.

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