World-famous billionaire Michael Novogratz made very important statements about Luna.
The positive developments about Luna continue to come. The “Save Luna” hashtag, which started especially on Twitter and found support all over the world in a short time, reached millions of people.
Billionaire fund manager Mike Novogratz, who is well known by crypto money followers, was buried in a deep silence after the collapse of the stable coins TerraUSD and Luna, which he gave great support and even had a tattoo on his arm. Novogratz broke his silence by saying “It was a great idea that failed” for stablecoins.
this is not the end
Michael Novogratz, general manager of Galaxy Digital, was known for being a staunch supporter of the stablecoin ecosystem, particularly Luna and TerraUSD. In January, he had Luna tattooed on his arm, shared his photo on his social media account and was on the agenda of the world.
Novogratz was left without comment after the market value of stablecoins, which primarily gave profits to its investors, has fallen over the past few weeks.
Investors state that there is a positive atmosphere with the projects that will bring Luna back to its old days.
Even many investors with billions of dollars are hopeful that Terra Luna can rise.
What’s going on in the market?
Maybe a stretch 😉 pic.twitter.com/eiY0Qe4o0B— Mike Novogratz (@novogratz) January 17, 2022
The money taps in the world were opened due to the Covid-19 epidemic, and as a result of the increase in inflationary pressures and the war between Russia and Ukraine, tight monetary policy was returned. The tightening policies initiated by the US Federal Reserve (Fed) 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 their confidence and move away from the market. Fixed coins also suffered from this loss of value and trust. The price of Luna, one of the stable coins with the highest market value, dropped from 100 dollars to less than 1 cent and created a shock effect in 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.
“I’ve thought a lot, now it’s time to talk about the past week and more importantly the coming weeks,” Novogratz said. Addressing Galaxy shareholders, friends, partners, and the crypto community, he discussed the collapse of the Terra ecosystem.
‘Entrepreneurship requires humility’
“The $40 billion market cap in Luna and TerraUSD alone was gone in a very short time,” Novogratz said. “It was a big idea that failed.”
According to the billionaire fund manager, the ‘Luna lover’, tight monetary policies were the cause of the market crash. A ‘liquidity bubble’ has emerged as a result of ‘currency taps’ in the world, and central banks have turned to tightening policies. This put ‘downside pressure’ on Luna, causing investors to flee. Novogratz, who likened this situation to ‘running from the banks’, said, “In retrospect, everything always seems clearer. “My tattoo will be a constant reminder that entrepreneurship requires humility.”
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 “remains in a strong capital and liquidity position” with its diversified business lines. “This does not mean that the crypto market will bottom out and go straight up,” the billionaire fund manager said. It will require restructuring, payback cycles, consolidation, and renewed trust in crypto. “Crypto moves in cycles and we witnessed a big one.”
In short, Novogratz underlines the need for trust in the crypto market. Thus, he supports the view that volatility has wiped out ‘crypto skeptics’ from the market.
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