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Galaxy Digital Inc. (NASDAQ: GLXY) CEO Mike Novogratz has forecasted a major transformation in the cryptocurrency sector, moving away from speculation.
Novogratz attributed the recent Bitcoin (CRYPTO: BTC) slump to a broader industry shift rather than a single event. He expects something more enduring to emerge from the downturn, arguing that “the age of speculation” in crypto will fade as the industry attracts institutions with people of “different risk tolerance.”
Speaking at the CNBC Digital Finance Forum on Tuesday in New York City, the CEO stated that the future of crypto involves “real world assets with much lower returns.” He added that tokenized stocks are likely to have a distinct return profile compared to traditional assets.
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The CEO cited Bitcoin’s 22% drop in November 2022 after the FTX collapse as a “breakdown in trust.” He also referenced the October 2025 crash, saying the event devastated retail investors and market makers while exacerbating downward price pressure.
Novogratz expressed optimism about the eventual passage of the CLARITY Act, a crypto market structure bill, stating that both Democrats and Republicans support it.
Bitcoin has fallen 23.39% year to date and more than 45% below its October 2025 high. Over the past year, the cryptocurrency has tracked high-growth tech stocks, particularly software, underscoring its exposure to broader risk sentiment, which has recently turned negative for the sector.
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However, Novogratz had earlier dismissed concerns about quantum computing’s impact on Bitcoin, stating that it has been a “big excuse” for people selling off the cryptocurrency.
During the company’s fourth-quarter earnings call, Novogratz said early Bitcoin holders are taking more profits than expected, noting that once speculators begin selling, it often triggers a psychological chain reaction that leads them to sell even more.
Earlier this month, Grayscale Investments argued that Bitcoin’s recent volatility reflects its transition from a growth asset to a mature store of value, with the latest sell-off driven by macro de-risking rather than crypto-specific weakness.
Image via Shutterstock
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This article Galaxy CEO Mike Novogratz Says Crypto’s ‘Age of Speculation’ Is Ending, Sees Shift From Hype To Real-World Assets originally appeared on Benzinga.com
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