Michael Novogratz, CEO of Galaxy Digital investment firm, urged the cryptocurrency community not to wait for the obligatory “black swan” when investing in crypto firms.

“Black Swan” is a term describing an event that had an extremely negative impact on the shares of a company, or on the entire market at once. For the cryptocurrency market, such events can be called the collapse of the Terra ecosystem and the bankruptcy of the FTX exchange. But, as Michael Novogratz emphasized, this does not mean that all or most of the companies in the industry are fraudulent.

“In fact, it is dangerous to constantly expect a “black swan”, even if such an event has already happened. It’s like seeing criminals in everyone and thinking that the industry is run by sociopaths. Of course, this is not the case, there is no bandit hiding behind every tree,” Novogratz said.

At the same time, he noted that it is necessary to remain cautious and thoroughly investigate firms before investing. There are no general regulations in the cryptocurrency sphere yet, and many exchanges receive fines from regulators for violating AML and KYC requirements.

Earlier, Novogratz said that the founder of the collapsed FTX exchange, Sam Bankman-Fried, should be in prison for deceiving a huge number of clients of the platform.

Сообщение Michael Novogratz: “You should not constantly wait for a trick from crypto firms due to the collapse of FTX” появились сначала на Coinstelegram.

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