Well-known to his crypto-devotees, billionaire fund manager Mike Novogratz remained silent after the collapse of stablecoins TerraUSD and Luna, which he was a great backer and even had a tattoo on his arm. Novogratz for stablecoins “It was a great idea that failed” he broke his silence.
Michael Novogratz, General Manager of Galaxy Digital, was known as a staunch supporter of the stablecoin ecosystem, particularly Luna and TerraUSD. In January, he got Luna tattooed on his arm, shared his photo on his social media account, and was on the world agenda.
Novogratz remained silent after the market value of stablecoins, which have primarily brought profits to their investors, has fallen in recent weeks.
What’s going on in the market?
Money taps in the world have been opened due to the Covid-19 epidemic and tightening monetary policies have returned as a result of mounting inflationary pressures and the war between Russia and Ukraine. The tightening policy initiated by the US Federal Reserve (Fed) has affected many areas, from stock markets to real estate markets, from cryptocurrencies to bonds. Recently, the sharp declines in the crypto money market have caused investors to lose confidence and walk away from the market. Fixed coins also suffered from this loss of value and confidence. Luna, one of the stablecoins with the highest market value, fell from $100 to under 1 cent, shocking the markets. Novogratz preferred to remain silent in the face of this collapse.
According to Fortune, the billionaire fund manager decided to break his silence with social media sharing.
Novogratz, “I’ve been thinking a lot, now it’s time to talk about the past week and more importantly about the next week.” called. Speaking to Galaxy shareholders, friends, partners and the crypto community about the collapse of the Terra ecosystem.
“Entrepreneurship requires humility”
Novogratz, “$40 billion market cap in Luna and TerraUSD alone has disappeared in a very short period of time” said and added “It was a great idea that failed.”
‘Luna Lover’ According to the billionaire fund manager, the reason for the collapse of the market is tight monetary policy. In the world ‘Open the money taps’ as a result of a “Liquidity Bubble” and central banks turned to tightening policies. This is on Luna ‘downward pressure’ let investors flee. This situation “Escape from the Banks” Parable Novogratz, “Everything seems clearer in hindsight. My tattoo will be a constant reminder that entrepreneurship requires humility.” called.
While critics of stablecoins have long warned of a collapse, Novogratz believes the crypto market needs to be trusted.
According to the famous crypto entrepreneur Galaxy Digital with diversified business areas ‘remains in a strong capital and liquidity position’. billionaire fund manager “This does not mean that the crypto market will bottom and go straight up. It will require restructuring, payback cycles, consolidation and renewed confidence in crypto. Crypto moves in cycles and we’ve seen a big one.” called.
In short, Novogratz underscores the need for trust in the crypto market. Hence the fluctuations “Crypto Skeptics” supports the view that it was withdrawn from the market.
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