Mike Novogratz Now Admits That Terra's Model Was Unsustainable
Galaxy Digital CEO Mike Novogratz has said that although he was “worried about the macro environment,” he was hoping bitcoin (BTC) “would stay in the USD 30,000 to USD 50,000 range.” At the same time, he argued that the model his once-favorite crypto Terra (LUNA) was built on was unsustainable.The comments came in an interview with New York Magazine published on Sunday.Despite the above-stated comment, Novogratz argued that things need to be placed in perspective: between buying Zoom stock and buying bitcoin at the beginning of the COVID-19 pandemic, he said, " today you would have doubled your money on bitcoin and you’d have made nothing on Zoom." The CEO added that,"So that’s what I think is hard for people to get their heads around.
This has been a complete and total old-school ass-beating. But it’s important not to throw the baby out with the bathwater because we had a speculative mania in lots of asset classes.
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