Mike Novogratz, the billionaire founder of crypto asset management business Galaxy Digital, informed his followers that his Terra (LUNA)-inspired tattoo will serve as a reminder to be humble in the venture capital sector.
Following the recent LUNA/TerraUSD crash, Novogratz wrote an open letter to his followers on Wednesday, saying, “My tattoo will be a continuous reminder that venture investing takes humility.”
Novogratz originally displayed his wolf-themed tattoo to his 461,000 Twitter followers on January 5 in a passionate statement of his support for the now-defunct Terra ecosystem.
Novogratz believes that the crypto business is stronger than ever
Last week, Terra’s TerraUSD (UST) stablecoin failed, driving the price of its sister-token LUNA from $60 to $0 in less than 72 hours. The crash cost the cryptocurrency ecosystem almost $40 billion.
“When money is lost in such a sudden fashion, people expect explanations,” Novogratz wrote in the letter.
Despite last week’s “heart-wrenching” market chaos, he believes the crypto business is stronger than ever and will not disappear anytime soon.
“This 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.”
According to a May 13 statement from Galaxy Digital, the company expects to lose $300 million in net comprehensive income as of May 11, reducing the partners’ capital to $2.2 billion, down 12% from March 31.
Pantera Capital, one of Terraform Labs’ early investors, announced on Thursday that it had sold out around 80% of its LUNA investment well before the TerraUSD collapse. Pantera partner Paul Veradittakit claims that the firm was able to turn $1.7 million into $170 million.
Crypto-themed tattoos have gained in popularity significantly in recent years, with crypto tattoo-related Google searches increasing by 222 percent in 2021. According to Crypto Head, more than 900 people have tattoos of the Bitcoin (BTC) “B,” while Dogecoin (DOGE) and Ether (ETH) tattoos are also on the rise.