Michael Novogratz and his love for cryptocurrencies
Michael Novogratz is primarily an American Investor, formerly of the investment firm Fortress Investment Group. Currently, he is the CEO of Galaxy Investment Partners which primarily focuses on investing in cryptocurrencies. Michael Novogratz is one among the big players of crypto such as Elon Musk or Bill Miller, who could change the face of the market by a single tweet. He was deeply invested in Bitcoins and Luna of the Terra Ecosystem. He invested in Luna somewhere around in Jan 2021, when Luna was bursting into the scene. In April, in a summit held in Miami, Novogratz was the star. All festival-goers stopped by him to get a selfie and posted them in social media. He expressed his love for crypto in the summit and was proud of his investment.
Lets look at a tweet below.
— Mike Novogratz (@novogratz) January 5, 2022
From the tweet, its seen that Novogratz is a huge fan of Luna. The love story for Luna started in January this year. But it is also opinionated that he actually started liking Luna in January 2021. In the summit, he also enthusiastically quoted that “ I’m probably the only guy in the world that’s got both bitcoin tattoo and Luna tattoo.”
As soon as the crypto market crashed, all the cryptocurrencies including bitcoin and Luna lost their value. Luna dropped from $119 (peak) to $0.000914 losing 99.5% of its value. The market value was reduced from $41 billion to $623 million. Novogratz who was also a veteran of Goldman Sachs became numb about the situation. A guy who used to tweet quite vigorously about Luna and bitcoins stopped even talking about it. Till the first week of May ended, he was atleast tweeting a tweet a day. But as the market crashed, he stopped tweeting. One of the major reasons for his silence is also the loss of the value of his company. After the market crash, Galaxy Digital Holdings LTD, lost a lot and total equity was declined by at least 12%.
It is quite evident that market crash is certainly acting as a dead end for many of the cryptocurrency investors such as Novogratz. But, keeping the volatile nature of the market in consideration, it can be expected that the market shall rise again, rising the value of all the cryptocurrencies. If at all Novogratz again trusts the cryptocurrency Luna and invests big in it, it will be because of the healthier market conditions for Luna.