What Will Happen Mike Novogratz LUNA Tattoo?

There are different reasons why one has or draws tattoos, some are for fashion, remembrance or to use it as a journal for something significant and others just because of the beauty. But one thing you would probably regret is when you draw a tattoo for something that is temporary and when that is gone then the tattoo becomes a burden and that’s the case of Mike Novogratz who tattooed LUNA on his arm.

Mike Novogratz is an American investor and the CEO of Galaxy Digital and the main focus of his investment is on crypto which has made him a billionaire. Since the crash of LUNA, he has been quiet for some maybe because he invested much in it and for that reason making him even drew a tattoo of the coin on his arm.

After being quiet, he came out recently to publish a letter which says: "This macro backdrop put pressure on Luna and the reserves held to back UST. UST’s growth had exploded from the 18% yield offered in the Anchor protocol, which eventually overwhelmed other uses of the Terra blockchain. The downward pressure on reserve assets coupled with UST withdrawals triggered a stress scenario akin to a 'run on the bank.' The reserves weren’t enough to prevent UST’s collapse. With hindsight, things always look clearer."

"My tattoo will be a constant reminder that venture investing requires humility."

Mike Novogratz also said he knows that the crypto market is volatile and at some point, it will hit the bottom and other points skyrocket there’s no telling when that will happen but however we are currently in the bottom stage. So far now he will take his time to build up his trust again for any crypto coin before he will bounce back again for his next move.

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