Still Holding The Faith, With Caveats

Galaxy Digital Inc. (GLXY) CEO Mike Novogratz isn't abandoning Bitcoin (BTC) despite the rough sentiment lately, but he's not exactly pounding the table either. In an interview with SkyBridge Capital founder Anthony Scaramucci that aired Tuesday, Novogratz struck a carefully optimistic tone about crypto's future while acknowledging there's more "healing to do."

The message? Yes, Bitcoin will eventually hit new all-time highs. But maybe pump the brakes on the victory lap for now.

"How we get momentum back in crypto pricing has always been about narrative and we're going to have to see that pick back up and prices beget prices. And so in some ways, you don't need to get bullish until we break $100,000," Novogratz explained.

It's a pragmatic take from someone who's built his career on digital assets. Novogratz pointed out that Bitcoin rests on a "gigantic apparatus" and a belief system that won't evaporate overnight. The infrastructure is real, the community is committed, and that matters.

The Internet Comparison

Novogratz made an intriguing parallel between today's crypto market and the internet's trajectory after its bubble burst. Remember when everyone declared the internet dead after the dot-com crash? Then came some of the most productive years of infrastructure building that set the stage for everything we use today.

"It's a little bit like the internet, you know, after the internet had trouble, you had some of the greatest years of growth in terms of building the infrastructure. And so there's no bear market in building crypto infrastructure," he said.

That's the bullish case in a nutshell. While prices might languish, the foundational work continues. Novogratz emphasized his optimism about crypto infrastructure development, suggesting that the boring backend stuff happening now could pay dividends later.

Putting Money Where The Mouth Is

Novogratz co-founded Galaxy Digital, which specializes in digital assets and AI infrastructure, so his Bitcoin advocacy isn't just talk. The firm holds 6,894 BTC on its balance sheet, worth about $600 million according to BitcoinTreasuries.net. That's a serious commitment.

Earlier this year, Novogratz projected that Bitcoin could eventually hit $1 million, growing tenfold and potentially replacing gold as the premier store of value asset. Bold? Absolutely. But he's backing that conviction with actual capital.

The Skeptics Weigh In

Not everyone shares Novogratz's patience and optimism. Leading cryptocurrency analyst Ben Cowen predicted that Bitcoin and Ethereum (ETH) would stay range-bound through summer 2026, arguing the Federal Reserve won't rush to cut interest rates anytime soon.

Meanwhile, economist Peter Schiff declared that Bitcoin's "trade is over," pointing to its failure to track gains in tech stocks or precious metals like gold. Schiff has been a persistent Bitcoin critic, so this isn't exactly surprising, but it reflects the divided opinions on crypto's near-term prospects.

The Numbers Today

At the time of writing, BTC was trading at $87,268.68, down 1.08% over the previous 24 hours.

Galaxy Digital shares fell 0.45% in after-hours trading after closing 0.08% lower at $24.59 during Tuesday's regular session. Despite recent softness, the stock has climbed more than 40% in 2025, suggesting investors appreciate the company's positioning even as crypto prices wobble.

The takeaway? Novogratz isn't declaring victory or defeat. He's playing the long game, betting that the infrastructure being built today will matter more than the price action tomorrow. Whether that patience pays off remains to be seen, but at least he's clear-eyed about where we are right now.