Mike Novogratz: Crypto Industry Participants Are a Bunch of Idiots

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Mike Novogratz, CEO of Galaxy Digital, has said in an interview with Bloomberg that “greed, ignorance and stupid risk management” led to the fall of the cryptocurrency market.

According to him, the collapse of the Terra ecosystem and the problems of Celsius Network, Voyager Digital and Three Arrows Capital made the entire industry look like “a bunch of idiots.” The first episode “set off a chain of events,” as trivial as it sounds.

Galaxy Digital also invested in Terra. At the beginning of the year, Novogratz called himself “LUNAtic,” which he later regretted. He admitted the tattoo at the time would be a constant reminder that venture investing requires humility.

He has explained:

“The lesson learned from recent events is that the industry, a lot of retail investors, had a very limited understanding of risk management.”