Mike Novogratz, the CEO of Galaxy, recently expressed to Bloomberg that he does not attribute Bitcoin’s drastic decline primarily to fears surrounding quantum computing.
This statement follows a misunderstanding by some market analysts regarding his perspective.
Alex Thorn, who leads research at Galaxy Digital, quickly stepped in to clarify that Novogratz was merely referencing “quantum concerns” as part of a broader narrative of fear, uncertainty, and doubt (FUD) that he does not support.
A “seller’s virus”
Novogratz noted that after Bitcoin surpassed the $100,000 mark, there was a prevailing sentiment within the community that they had achieved victory. Consequently, many began to take profits.
The Galaxy CEO described this phenomenon as a “seller’s virus,” suggesting it has infiltrated the market. He remarked on the presence of buyers—indicating new institutional investments—but emphasized that prices are ultimately determined by marginal activity and currently reflect more sellers than buyers.
The harsh downturn for Bitcoin
This morning saw Bitcoin plummet below $74,000 for the first time since November 2024. This drop erased all gains previously made due to an increasingly favorable regulatory environment in the United States.
While Novogratz believes Bitcoin is nearing its lowest point in this cycle, he remains cautious about making definitive statements at this stage. He humorously noted that one can only recognize a bottom after it has been reached.
He views potential advancements related to market structure legislation in the U.S. Senate as possible positive catalysts for price recovery. “I am actually feeling more optimistic because both parties seem eager to finalize it; however we will have to wait and see,” he shared with Bloomberg.
As reported by U.Today earlier on, Novogratz had previously characterized Bitcoin’s recent price movements as “disappointing,” asserting that reclaiming levels between $100,000 and $103,000 is essential for rekindling its bullish momentum.