Bitcoin Faces Internal Governance Challenges, Says Galaxy Digital CEO

Bitcoin's primary risk lies in internal governance issues rather than quantum computing, according to Galaxy Digital CEO Mike Novogratz. According to PANews, Novogratz expressed this view during an earnings call, dismissing quantum computing as a market-driven narrative. He anticipates Bitcoin will eventually upgrade to quantum-resistant technology. Novogratz highlighted that the real long-term threat to Bitcoin could be persistent disagreements among developers or a failure to reach consensus on upgrades. However, he believes such scenarios are unlikely, as Bitcoin is equipped to handle these challenges. Addressing the recent market downturn, Novogratz attributed the selling pressure to long-term holders distributing their assets, rather than a collapse in market confidence. While acknowledging the potential for further declines, he intuitively feels the market is closer to a cycle bottom rather than the start of another prolonged crypto winter. He also mentioned that U.S. regulatory framework legislation for the crypto market could act as a catalyst for attracting new demand through Wall Street channels. Novogratz emphasized that Bitcoin's role as a macro asset supported by both retail and institutional investors has been solidified.