{"id":10922,"date":"2022-05-19T03:18:15","date_gmt":"2022-05-19T03:18:15","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/novogratz-says-luna-tattoo-is-a-constant-reminder-investing-requires-humility\/"},"modified":"2022-05-19T03:18:17","modified_gmt":"2022-05-19T03:18:17","slug":"novogratz-says-luna-tattoo-is-a-constant-reminder-investing-requires-humility","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/novogratz-says-luna-tattoo-is-a-constant-reminder-investing-requires-humility\/","title":{"rendered":"Novogratz says LUNA tattoo is a constant reminder investing ‘requires humility’"},"content":{"rendered":"

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Mike Novogratz, the billionaire founder of crypto asset management firm Galaxy Digital, has told his followers that his LUNA-inspired tattoo will serve as a reminder to remain humble in the world of venture capital investing.\u00a0<\/p>\n

Following the fallout of the recent LUNA \/ UST meltdown, Novogratz penned an open letter on Wednesday, telling his followers that: \u200b\u200b\u201cMy tattoo will be a constant reminder that venture investing requires humility.\u201d<\/p>\n

It was on Jan. 5 tha Novogratz first showed off his wolf-themed tattoo to his 461,000 Twitter followers in an enthusiastic demonstration of his support for the now-collapsed Terra ecosystem. <\/p>\n

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pic.twitter.com\/GBZ6qq4kdr<\/a><\/p>\n

\u2014 Mike Novogratz (@novogratz) January 5, 2022<\/a><\/p><\/blockquote>\n

Terra\u2019s UST stablecoin, which relied on an algorithm to maintain a peg to the U.S. dollar, collapsed last week, sending the price of its sister-token LUNA from $60 per token to $0 in less than 72 hours. The collapse wiped approximately $40 billion dollars from the cryptocurrency ecosystem. <\/p>\n

\u201cThe collapse dented confidence in crypto and DeFi,\u201d said Novogratz in the letter, \u201cwhenever money is lost in such an abrupt fashion, people want answers.\u201d<\/p>\n

He said that despite last week\u2019s \u201cheart-wrenching\u201d market pandemonium, the crypto industry looks stronger than ever and wouldn\u2019t be going away any time soon. <\/p>\n

\u201cThis does not mean the crypto market will bottom and head straight back up. It will take restructuring, a redemption cycle, consolidation and renewed confidence in crypto.\u201d<\/p><\/blockquote>\n

He explained that Galaxy Digital invested in LUNA in Q4 2020 using balance sheet capital, and clarified that the firm\u2019s treasury never used UST.<\/p>\n

\u201cOur team\u2019s initial thesis for investing in LUNA was centered around the expansion of blockchain-native payments systems.\u201d<\/p><\/blockquote>\n

According to an update from Galaxy Digital released on May 13, the firm expects to post a $300 million loss in net comprehensive income as of May 11, bringing the partners\u2019 capital to $2.2 billion \u2014 a 12% decline from March 31. <\/p>\n

Pantera Capital, one of the original investors in Terraform Labs, revealed today that it had cashed out roughly 80% of its LUNA investment well before the TerraUSD collapse. According to Pantera partner Paul Veradittakit, the firm managed to turn $1.7 million into approximately $170 million.<\/p>\n

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We managed that position down over time as it became increasingly profitable\/large, in order to maintain a diversified portfolio. We initially invested in LUNA because of the progress we saw in developer adoption, the payments usage, and the broader ecosystem being built on Terra<\/p>\n

\u2014 Joey Krug (@joeykrug) May 18, 2022<\/a><\/p><\/blockquote>\n

It\u2019s not just Novogratz getting inked \u2014 crypto-themed tattoos have grown substantially in popularity with crypto tattoo-related Google searches surging by 222% in 2021. According to data from Crypto Head, more than 900 people worldwide have inked themselves with the Bitcoin (BTC) \u201cB\u201d while Dogecoin (DOGE) and Ethereum (ETH) tattoos are on the rise.<\/p>\n<\/div>\n