Novogratz’s Bold Statement
In an unexpected twist of fate, billionaire Mike Novogratz took his love for crypto from the virtual world to the physical, showcasing a wolf-themed tattoo inspired by the Terra ecosystem. As he declared on Twitter, the ink would serve as a constant reminder to remain humble in the chaotic venture capital landscape.
The Fall of Terra’s Stablecoin
Just when you think you’ve seen it all, Terra’s UST stablecoin collapsed, dragging its sister token, LUNA, down with it from a staggering $60 to a shocking $0 in under 72 hours. Ouch! Roughly $40 billion evaporated from the market almost overnight, leaving investors and fans alike reeling.
Confidence Shaken but Not Stirred
In a heartfelt letter to his followers, Novogratz painted a picture of resilience despite the “heart-wrenching” market chaos. He acknowledged that losses can make folks want answers, but he also emphasized that the crypto world is still here to stay. “It will take restructuring, a redemption cycle, and renewed confidence in crypto,” he reassured us. So, relax, crypto enthusiasts; we’re not heading for the ground just yet!
Galaxy Digital’s Contribution to the Chaos
Now let’s talk numbers—Galaxy Digital, the firm behind Novogratz, feels the sting too. They invested in LUNA back in 2020 and are expected to report a $300 million loss. Yet, Novogratz clarifies, their treasury never dabbled in UST, so maybe not all is doom and gloom! Or is it just wishful thinking?
Lessons from Other Investors
Meanwhile, not everyone was left in the lurch. Pantera Capital dodged a bullet, cashing out around 80% of its LUNA holdings before the storm blew over. Paul Veradittakit, a partner at Pantera, shared how they turned a $1.7 million investment into a whopping $170 million—the dream of every investor!
The Tattoo Phenomenon in Crypto Culture
And yes, it seems Novogratz isn’t alone in his tattoo trend; crypto-inspired body art has skyrocketed in popularity. Google searches for crypto tattoos surged by 222% in 2021! Apparently, more than 900 individuals sport the Bitcoin “B,” while Dogecoin and Ethereum tattoos are becoming all the rage. Who knew crypto could be such a fashionable statement?
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