Mike Novogratz, CEO of digital asset investment firm Galaxy Digital Holdings (OTC:BRPHF), reflected on the lessons learned from the cryptocurrency crash this year.

What Happened: Speaking at the Bloomberg Crypto Summit, Novogratz recounted the events over the last two months that turned into a “full-fledged credit crisis” in crypto.

This resulted in “huge damage to the confidence of the [crypto] space, into the infrastructure of the space,” he said.

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

See Also: Bitcoin Sees $148M Liquidations As Price Crosses $23,000

Novogratz himself was a strong believer in LUNA, having gotten a tattoo of the cryptocurrency on his arm in January.

“My tattoo will be a constant reminder that venture investing requires humility,” said Novogratz at the time.

Long term, the Galaxy Digital CEO is still bullish on crypto, despite acknowledging that a majority of investors in the space were overleveraged with inadequate levels of risk management.

See Also: IS BITCOIN A GOOD INVESTMENT?

He predicted that Bitcoin would still reach a price level of $500,000 by the year 2027.

Price Action: According to data from Benzinga Pro, at press time, BTC was trading at $23,419, up 5.8% over 24 hours.

See Also: Bitcoin, Dogecoin Spike, Ethereum Fizzles Out: FOMO Behind Current Crypto Rally Or Is There More?

Photo by Seb Daly/RISE via Sportsfile via Wikimedia