Mike Novogratz, the millionaire founding father of crypto asset management firm Universe Digital, has told his supporters that his LUNA-inspired tattoo will function as a indication to stay humble in the realm of investment capital investing.
Following a fallout from the recent LUNA / UST meltdown, Novogratz penned a wide open letter on Wednesday, telling his supporters that: “My tattoo is a constant indication that venture investing requires humbleness.”
It had been on Jan. 5 tha Novogratz first demonstrated off his wolf-themed tattoo to his 461,000 Twitter supporters within an passionate illustration showing his support for that now-collapsed Terra ecosystem.
— Mike Novogratz (@novogratz) The month of january 5, 2022
Terra’s UST stablecoin, which trusted an formula to keep a peg towards the U.S. dollar, collapsed a week ago, delivering the cost of their sister-token LUNA from $60 per token to $ in under 72 hrs. The collapse easily wiped roughly $40 billion dollars in the cryptocurrency ecosystem.
“The collapse dented confidence in crypto and DeFi,” stated Novogratz within the letter, “whenever cash is lost such a rapid fashion, people want solutions.”
He stated that despite last week’s “heart-wrenching” market pandemonium, the crypto industry looks more powerful than ever before and wouldn’t go away in the near future.
“This does not necessarily mean the crypto market will bottom and mind straight back up. It will require restructuring, a redemption cycle, consolidation and restored confidence in crypto.”
He described that Universe Digital committed to LUNA in Q4 2020 using balance sheet capital, and clarified the firm’s treasury not used at all UST.
“Our team’s initial thesis for purchasing LUNA was focused on the development of blockchain-native payments systems.”
Based on an update from Universe Digital released on May 13, the firm expects to publish a $300 million reduction in internet comprehensive earnings by May 11, getting the partners’ capital to $2.2 billion — a 12% decline from March 31.
Pantera Capital, among the original investors in Terraform Labs, revealed today it had cashed out roughly 80% of their LUNA investment prior to the TerraUSD collapse. Based on Pantera partner Paul Veradittakit, the firm were able to turn $1.seven million into roughly $170 million.
We managed that position lower with time because it grew to become more and more lucrative/large, to be able to conserve a diversified portfolio. We initially committed to LUNA due to the progress we had in developer adoption, the instalments usage, and also the broader ecosystem being built on Terra
— Joey Krug (@joeykrug) May 18, 2022
It isn’t just Novogratz getting inked — crypto-themed tattoos have become substantially in recognition with crypto tattoo-related Google searches surging by 222% in 2021. Based on data from Crypto Mind, greater than 900 people worldwide have inked themselves using the Bitcoin (BTC) “B” while Dogecoin (DOGE) and Ethereum (ETH) tattoos are rising.
