Noam Galai—Getty ImagesSign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.Michael Novogratz, the billionaire CEO of Galaxy Digital, was a consistent booster of cryptocurrency during the bull market—and though he remains very supportive of the space, the self-proclaimed “Forrest Gump of Bitcoin” is increasingly acknowledging some missteps. “I was darn wrong because I didn’t realize the magnitude of the leverage in the system,” Novogratz said at the Bloomberg Crypto Summit Tuesday. “What I don’t think people expected was the magnitude of losses that would show up in professional institutions’ balance sheets and that caused the daisy chain of events. It turned into a full-fledged credit crisis with complete liquidation and huge damage on confidence in the space,” Novogratz said. Novogratz is referring to the latest cryptocurrency market downturn, which began in May after the Terra stablecoin fell far below its $1 peg. The domino effect that set off across the<\/p>\n","protected":false},"excerpt":{"rendered":"
Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations. Michael Novogratz, the billionaire CEO of Galaxy Digital, was a consistent<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[36,1],"tags":[52,54,27,29],"class_list":["post-82450","post","type-post","status-publish","format-standard","hentry","category-markets","category-news","tag-bitcoin","tag-crypto","tag-economy","tag-markets"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/82450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=82450"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/82450\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=82450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=82450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=82450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}