The Galaxy Investment CEO noted that his heart physician suffered huge losses following the crash in crypto prices.
Following the massive plunge in cryptocurrency prices last month, many investors incurred severe losses running into millions of dollars.
Mike Novogratz, the CEO of Galaxy Investment Partners, revealed in an interview today with Bloomberg’s Sonali Basak that his heart physician lost a whopping amount of funds in the latest bear market.
Billionaire investor @novogratz says that his heart doctor lost $1 million in crypto when discussing disclosures among handling retail deposits with @sonalibasak #BloombergCrypto https://t.co/awL0TUcc29 pic.twitter.com/0roDy5yY0b
— Bloomberg Crypto (@crypto) July 19, 2022
According to Novogratz, his heart physician lost over $1 million in cryptocurrency. However, the Galaxy Investment CEO did not disclose what cryptocurrency assets the health professional invested in.
Bloomberg journalist Misyrlena Egkolfopoulou further highlights the news.
Speaking to @sonalibasak at the Bloomberg Crypto Summit, @novogratz said his heart physician lost $1 million in crypto.
— Misyrlena Egkolfopoulou (@misyrlena) July 19, 2022
Novogratz Slam Regulators
Meanwhile, Novogratz also took out time to criticize financial regulators for not being dedicated to the nascent industry. In recent times, U.S. regulators have been criticized for not providing clearer regulations for the U.S. cryptocurrency space.
Proponents of crypto believe that having clearer regulations for the industry would help the industry to thrive better. Despite the lack of regulatory clarity for the U.S. cryptocurrency industry, Novogratz noted that people would still flock to cryptos, as “human instinct to gamble isn’t going to go away.”
He further said:
“I don’t know what the SEC should have done, or could have done or might have done, but they didn’t do a lot to protect the retail investors.”
Regardless of the massive dip in cryptocurrency prices, Novogratz is confident that the value of these assets will still rally again.
Novogratz Is A Bitcoin and Terra Advocate
Novogratz has been a strong advocate of cryptocurrencies. He has thrown his weight behind various assets, including Bitcoin ($BTC) and Terra ($LUNA).
The Galaxy Investment CEO recently pledged his support for Terra, by sketching a LUNA tattoo on his right arm.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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