Mike Novogratz, billionaire and founder of cryptocurrency asset management firm Galaxy Digital, has warned that making more than 200x returns on crypto investments is simply “not normal.”

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

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“I had friends who bought a lot of cryptocurrencies and it changed their lives — guys who didn’t make a lot of money but suddenly bought $5 million worth of cryptocurrencies,” Novogratz said.

“I shook them and I made them look into my eyes, [and] I said, “You have to sell half or two-thirds of this, it’s not normal to make 200 times your money on things.”

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He offered another caution, stating that “not everyone is made to be an investor” because greed too often gets in the way of rational thinking.

Novogratz also did not hesitate to criticize the crypto industry. On Tuesday, he expressed his frustration at the incompetence and bad practices in the sector that have recently come to light at the Bloomberg Crypto Summit.

“It’s frustrating as hell because at times the whole industry looks like a bunch of idiots,” he said.

His newfound disapproval of some cryptocurrency practices comes less than two months after the Terra (LUNA) ecosystem suffered a catastrophic collapse, shaving the digital asset space by about $50 billion.

After the incident, Novogratz, a vocal supporter of the Terra project, got a famous moon-themed tattoo. wrote down an open letter in May informing his followers that: “My tattoo will be a constant reminder that VC requires humility.”

While Novogratz may seem more pessimistic than usual, especially when combined with the recent market turmoil, he ultimately believes that blockchain-based technology will gradually become a fundamental part of the future of the modern world.

“Over the next decade, Web3 and blockchains will reshape industries, communities and the Internet as we know it, blurring the lines between our physical and digital reality,” he said.