Mike Novogratz Warns Crypto's 200x Returns Are 'Not Normal'

Former LUNAtic Mike Novogratz told crypto investors that the insane returns seen in the crypto space are simply unsustainable.

Mike Novogratz, the billionaire founder of crypto asset management company Galaxy Digital, has warned that it's simply "not normal" to generate over 200 returns on crypto investments.

Speaking at Christie's Art + Tech Summit in New York on Wednesday, Novogratz warned listeners of high volatility in the crypto industry.

"I had friends who had bought a lot of crypto, and it had changed their lives - guys who weren't making a lot of money but suddenly had a net worth of $5 million in crypto" , Novogratz said:

"I shook them and made them look me in the eye, [and] I said, 'You have to sell half or two-thirds of it, it's not normal to win 200 times your money on things.'"< /p>

He added an additional caveat, saying that “not everyone is cut out to be an investor” because greed too often gets in the way of rational thinking.

Novogratz has also been quick to criticize the crypto industry. On Tuesday, he expressed his frustration with the incompetence and poor industry practices that were recently exposed to attendees of the Bloomberg Crypto Summit.

"It's frustrating because sometimes the whole industry feels like a bunch of idiots," he said.

His new disapproval of certain practices in the cryptocurrency space comes less than two months after the Terra ecosystem suffered a catastrophic collapse, shrinking the digital asset space in the world by an estimated $50 billion. process.

After the fallout, Novogratz, a staunch supporter of Project Terra who got tattooed with a moon-themed tattoo,