Mike Novogratz has admitted that the huge returns experienced with some crypto investments are “not normal,” just months after the blockchain project he promoted made investors absurd profits before collapsing completely.
Speaking at the Christie's Art+Tech summit in New York Wednesday, the CEO of investment firm Galaxy Digital said “greed is a powerful emotion” and that “not everyone can be an investor.”
Novogratz, who on Tuesday said the crypto industry looked “like a bunch of idiots,” was famously a fan of the Terra blockchain, which made headlines when it spectacularly crashed in May and billions of dollars of investment went up in smoke.
The billionaire investor even got a Luna tattoo, and called himself a “Lunatic,” a term formerly used to describe fans of the native cryptocurrency of the now defunct Terra network.
But he said at Wednesday's event at Christie's that making “200 times your money” was not realistic.
“I had friends that had bought lots of crypto, and it had...
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