“This has been a complete and total old-school ass-beating.”
Photo-Illustration: Intelligencer; Photo: Jeenah Moon/Bloomberg via Getty Images A little over a year ago, when I interviewed Mike Novogratz, a veteran hedge-fund manager and crypto billionaire, I asked him what he was excited about. The CEO of Galaxy Digital, a blockchain-focused investing firm, had a short list to tout that included “luna, my new favorite coin.
It’s like in Beauty and the Beast — “Tale as old as time.” In an asset bubble, which we obviously had, when it crashes, you always find far more and bizarre pockets of leverage than you had expected. And even though you kind of know there’s leverage in the system, when it breaks apart, you’re like, “Oh, there was gambling going on here?”
People been worrying about the specter of a potential Coinbase bankruptcy after a warning the company made recently. Do you see that as a threat? Is it over for DeFi, a decentralized financial system on the blockchain? Has the crash raised too many doubts?
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