Bitcoin could keep falling, Novogratz says

Watch on YouTube ↗  |  February 03, 2026 at 20:33  |  7:56  |  Bloomberg Markets
Speakers
Mike Novogratz — CEO, Galaxy Digital

Summary

Michael Novogratz, founder and CEO of Galaxy Digital, says Bitcoin has likely entered a $70,000-$100,000 range and is near the bottom of it, with pessimism and leverage flushed out and catalysts like market-structure legislation and a dovish Warsh repricing ahead. He is more cautious on gold and silver because Warsh removes inflation tail risk. He sees a bull market in crypto infrastructure, tokenization, and stablecoins even as legacy tokens lag, and argues Galaxy Digital's stock is cheap relative to its data center business, which could lead to a spin-off if the market keeps penalizing the combined company.

  • Bitcoin has likely established a $70,000-$100,000 range and is near the low end.
  • Novogratz sees the crypto market getting close to a bottom, though exact timing is uncertain.
  • He flags market-structure legislation and a possible dovish repricing of Kevin Warsh as potential catalysts.
  • Warsh's removal of inflation tail risk is seen as a headwind for gold and silver.
  • Crypto infrastructure, stablecoins, tokenized real-world assets, and on-chain credit are booming even as legacy tokens lag.
  • Galaxy Digital's data center business is worth more than its crypto business, and the stock looks cheap on that basis.
  • Galaxy is considering a spin-off or other structure to maximize shareholder value if the discount persists.
Ideas
Mike Novogratz CEO, Galaxy Digital 0:27
Bitcoin near bottom of new range
Bitcoin broke below the psychological $100,000 level and has likely established a new $70,000-$100,000 range; at around $76,000 it is near the bottom end of that range. Much pessimism and leverage have been flushed out, so he thinks the market is getting close to a bottom and is closer to spring than the start of winter, though he cannot know the exact bottom. Catalysts that could help include crypto market-structure legislation and the market repricing Kevin Warsh as dovish rather than hawkish, though Warsh's removal of inflation tail risk is a headwind for Bitcoin as an inflation hedge.
BTC MED
Mike Novogratz CEO, Galaxy Digital 3:24
Warsh reduces inflation-hedge appeal for gold/silver
Kevin Warsh, if he becomes Fed chair, has taken out the tail risk for inflation—a good thing for America—which is not necessarily a good thing for gold and silver. Even though Warsh may be dovish on rates, the reduced inflation tail risk weakens the case for these inflation-hedge assets.
GLD SILVER MED
Mike Novogratz CEO, Galaxy Digital 4:15
Crypto infrastructure booming while legacy tokens lag
There is still a bull market in crypto infrastructure even as old crypto tokens struggle. Traditional banks and finance companies are moving quickly into digital assets, creating opportunities in wallets, staking, tokenized real-world assets, and on-chain credit. Stablecoin volumes are exploding as the world moves onto blockchain rails. This infrastructure growth is not correlating with the prices of legacy tokens such as Ethereum, Solana, and Ripple, and he is leaning into the infrastructure opportunity through hiring and engineering.
Crypto Infrastructure STABLECOINS Tokenized real-world assets On-chain credit HIGH
Mike Novogratz CEO, Galaxy Digital 4:15
Crypto infrastructure booming while legacy tokens lag
There is still a bull market in crypto infrastructure even as old crypto tokens struggle. Traditional banks and finance companies are moving quickly into digital assets, creating opportunities in wallets, staking, tokenized real-world assets, and on-chain credit. Stablecoin volumes are exploding as the world moves onto blockchain rails. This infrastructure growth is not correlating with the prices of legacy tokens such as Ethereum, Solana, and Ripple, and he is leaning into the infrastructure opportunity through hiring and engineering.
ETH SOL XRP HIGH
Mike Novogratz CEO, Galaxy Digital 7:05
Galaxy stock cheap versus data center value
Galaxy's stock trades very cheap relative to what its data center business alone is worth, before attributing any value to its crypto book and crypto business. The data center business is booming, is now worth more than the crypto business, has 530 MW of new power approved in Texas—likely the largest new power approval in the U.S. in a while—and management is in build mode, engaging potential tenants. If the combined structure remains penalized, management will consider a spin-off or other ways to maximize shareholder value.
GLXY HIGH
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This Bloomberg Markets video, published February 03, 2026, features Mike Novogratz discussing BTC, GLD, SILVER, Crypto Infrastructure, STABLECOINS, Tokenized real-world assets, On-chain credit, ETH, SOL, XRP, GLXY. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike Novogratz  · Tickers: BTC, GLD, SILVER, Crypto Infrastructure, STABLECOINS, Tokenized real-world assets, On-chain credit, ETH, SOL, XRP, GLXY