{"id":64634,"date":"2022-07-20T11:49:02","date_gmt":"2022-07-20T08:49:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64634"},"modified":"2025-09-06T15:31:16","modified_gmt":"2025-09-06T12:31:16","slug":"mike-novogratz-compares-industry-participants-to-a-bunch-of-idiots","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/mike-novogratz-compares-industry-participants-to-a-bunch-of-idiots\/","title":{"rendered":"Mike Novogratz compares industry participants to a &#8216;bunch of idiots&#8217;"},"content":{"rendered":"<p>He said that &#8220;Greed, ignorance and reckless risk management&#8221; led to the fall of the cryptocurrency market, Galaxy Digital chief Mike Novogratz said in a Bloomberg interview.<\/p>\n<p>The executive said that the collapse of the Terra ecosystem and the troubles at Celsius Network, Voyager Digital and Three Arrows Capital forced the entire industry to look like a &#8220;bunch of idiots.&#8221; The first episode &#8220;set off a chain of events,&#8221; no matter how banal it sounds, he added.<\/p>\n<p><iframe loading=\"lazy\" width=\"1275\" height=\"717\" src=\"https:\/\/www.youtube.com\/embed\/DtFucHueMG8\" title=\"Bloomberg Crypto Summit | Session 1\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><\/p>\n<p>Galaxy Digital invested in Terra. Earlier this year Novogratz dubbed himself a &#8220;LUNAtic&#8221;, about which <a href=\"https:\/\/forklog.news\/majk-novograts-nazval-terra-usd-bolshoj-ideej-kotoraya-provalilas\/\"> \u0432\u043f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u0438 \u043f\u043e\u0436\u0430\u043b\u0435\u043b<\/a>. He admitted that the tattoo he got back then would be a permanent reminder that venture investing requires humility.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>The takeaway from recent events is that the industry, and many retail investors, had an extremely shallow understanding of risk management,<\/em> he explained.<\/p>\n<\/blockquote>\n<p>The fallen firms went too far, driven by greed and ignorance, he said.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>Three Arrows Capital kicked off the engine of a full-blown credit crisis. We suffered enormous damage to trust [\u2026] and frightened retail investors<\/em>, he admitted, the CEO of Galaxy Digital.<\/p>\n<\/blockquote>\n<p>Earlier, Novogratz named Terra USD &#8220;a big idea that failed&#8221;.<\/p>\n<p>Three Arrows Capital&#8217;s debt totaled <a href=\"https:\/\/forklog.news\/summa-zadolzhennosti-3ac-sostavila-3-5-mlrd\/\"> $3,5 \u043c\u043b\u0440\u0434<\/a>.<\/p>\n<p>Prior to this, Celsius Network reported a hole in its balance sheet <a href=\"https:\/\/forklog.news\/celsius-otchitalas-o-dyre-v-balanse-na-1-2-mlrd\/\"> \u043d\u0430 $1,2 \u043c\u043b\u0440\u0434<\/a>.<\/p>\n<p>Potential Voyager Digital obligations could amount to <a href=\"https:\/\/forklog.news\/voyager-digital-podal-zayavlenie-o-bankrotstve\/\"> \u043e\u0442 $1 \u043c\u043b\u0440\u0434 \u0434\u043e $10 \u043c\u043b\u0440\u0434<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Greed, ignorance and reckless risk management led to the fall of the cryptocurrency market, Galaxy Digital chief Mike Novogratz said in a Bloomberg interview.<\/p>\n","protected":false},"author":1,"featured_media":64635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1303,1138],"class_list":["post-64634","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-mike-novogratz","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64634","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=64634"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64634\/revisions"}],"predecessor-version":[{"id":64636,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64634\/revisions\/64636"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/64635"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=64634"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=64634"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=64634"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}