Crypto billionaire Mike Novogratz isn’t a fan of the controversial Trump memecoin.

While speaking at Bitcoin Investor Week on Monday, Novogratz argued that the Trump Administration is “categorically good” for the crypto sector.

However, he also bemoaned the impact of Official Trump (TRUMP), which launched in January, days before Donald Trump’s presidential inauguration.

“Sometimes you got to take the good with the bad. I was at the Vice President’s Ball and the Crypto Ball first, so you saw lots of the crypto Illuminati. And I mean it was a turd in the punchbowl as soon as that thing got launched. Everyone looked at themselves and was like, ‘Oh that just didn’t happen.’ The group collectively and many people in this room have worked so hard over the last eight years to finally get across the finish line, and that made it feel a little foolish.” 

TRUMP is trading at $10.81 at time of writing and is more than 85% down from its all-time high of $73.43, which it set on January 19th, two days after launching.

Novogratz isn’t the only big name in the crypto space to question the wisdom of the Trump memecoin: Ethereum (ETH) founder Vitalik Buterin argued in January that political coins represented “vehicles for unlimited political bribery.”