Novogratz says LUNA tattoo is a constant reminder investing ‘requires humility’

Mike Novogratz is the billionaire founder and CEO of cryptocurrency asset management company Galaxy Digital. He told his followers that his LUNA-inspired tattoo would serve as a reminder to be humble in the worlds of venture capital investing.

Novogratz wrote an open letter Wednesday following the recent LUNA / UST meltdown. He told his followers that “My tattoo will be a constant reminder of how humble venture investing is.”

Jan. 5, was the first time that Novogratz showed his wolf-themed tattoos to his 461,000 followers on Twitter. This was an enthusiastic display of support for Terra’s now-defunct Terra ecosystem.

pic.twitter.com/GBZ6qq4kdr
— Mike Novogratz (@novogratz) January 5, 2022

Terra’s UST stablecoin (which relied on an algorithm for maintaining a peg with the U.S. Dollar) collapsed last week. This sent the price of its sister-token LUNA down from $60 per token, to $0 in just 72 hours. The cryptocurrency ecosystem lost approximately $40 billion dollars due to the collapse.

Novogratz wrote that the collapse had “dented confidence in crypto- and DeFi” in his letter. “When money is lost in such a sudden fashion, people need answers.”

He stated that, despite the “heart-wrenching”, market turmoil last week, the crypto industry is stronger than ever and won’t be disappearing anytime soon.

This does not mean that the crypto market will crash and go straight up. It will require restructuring, a redemption process, consolidation, and renewed confidence in cryptocurrency.

He explained that Galaxy Digital had invested in LUNA during Q4 2020 with balance sheet capital and that the firm’s treasury never used UST.

“Our initial thesis for investing into LUNA was centered on the expansion of blockchain-native payment systems.”

Galaxy Digital’s May 13 update stated that the company expects to lose $300 million in net comprehensive income by May 11. This would bring the capital of the partners to $2.2 billion. This is a decrease of 12% from March 31.

Pantera Capital, one the original investors in Terraform Labs revealed today that it had cashed approximately 80% of its LUNA investments well before the TerraUSD crash. Pantera partner Paul Veradittakit said that the firm was able to convert $1.7 million into $170 million.

As the company became more profitable and larger, we managed to reduce that position over time in order to keep a diverse portfolio. Because of the advances in Terra’s ecosystem, developer adoption and payments usage, we initially invested in LUNA.
— Joey Krug (@joeykrug) May 18, 2022

Novogratz is not the only one getting inked. Crypto-themed tattoos are growing in popularity, with crypto-related Google searches increasing by 222% in 2021. Crypto Head data shows that more than 900 people have tattooed themselves with Bitcoin (BTC), “B”, while Dogecoin and Ethereum (ETH), are rising in popularity.

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Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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