Michael Novogratz: “There are a lot of assholes in the cryptocurrency industry.” – Bits Media

According to the CEO of the investment company Galaxy Digital, Michael Novogratz, The current fall in the cryptocurrency market is due to the stupidity of a large part of the industry.

In an interview with Bloomberg, Michael Novogratz (Michael Novogratz) stated, what wrong steps the founders of the Terra ecosystem and the bankruptcy of companies like Celsius, Voyager and Three Arrows Capital made the entire cryptocurrency industry look like a “bunch of idiots”.

He stressed, that the collapse of the Terra ecosystem was "highly predictable", therefore companies, lost money in them, do not have very far-sighted leadership. Besides, Fund, investing in cryptocurrencies, got too carried away with margin trading, which led to numerous bankruptcies.

Ironically, that Galaxy Digital also invested in the Terra ecosystem. Novogratz himself even got a tattoo based on the Luna cryptocurrency and called himself a “lunatic”. However, it seems, The CEO of Galaxy Digital still managed to predict the collapse of the ecosystem and sold off its assets on time.

“People usually understand where they are investing, if they pay attention to it. The bet on Terra did not work and the ecosystem collapsed quickly. But the lesson here is simple - industry participants and retail investors have an extremely poor understanding of risk management. Company, went broke during the market decline, they were just too greedy", Novogratz said.

Galaxy Digital CEO previously said, that he doesn’t believe that Bitcoin will fall to $13 000.