Bitcoin has failed to pick up any steam in recent months, and there has been fresh talk that the BTC price has found itself in a prolonged standoff. However, Galaxy Digital CEO Mike Novogratz feels a change in U.S. monetary policy is poised to alter Bitcoin’s story and debunk the skeptics.
Galaxy CEO On Bitcoin’s Future
On the All Things Markets podcast with Anthony Scaramucci, Novogratz discussed the possibility that the bearish Bitcoin price action, low retail interest, and falling search volume may indicate the end of its growth story.
Scaramucci highlighted a number of bearish factors. These include Bitcoin’s Relative Strength Index (RSI) reading at record lows, declining Google search volume, and long-term holders owning a record 79% of the circulating supply. He questioned Novogratz if these trends were a sign of the bottom or proof that Bitcoin has turned into a “dead asset.”
The Iran war is ending, the Fed just signaled its next move might be a hike, and the markets are on the verge of a melt-up, but here’s what’s keeping us up at night: only 1 in 10 young people entering the workforce in New York City are making a living wage, and the legislation… pic.twitter.com/F2DMApWxce
— Anthony Scaramucci (@Scaramucci) June 20, 2026
Novogratz disagreed, saying investors need to be patient. He said, “You got to give Bitcoin the benefit of the doubt. At least until this time next year.”
How Fed’s Decision Could Change The Story
Novogratz says that the recent downturn in Bitcoin is partly a result of anticipation that the Federal Reserve would remain hawkish under the new Fed chief, Kevin Warsh. He said markets have been pricing-in higher, for longer interest rates and that has been tough for Bitcoin as well as gold.
“Bitcoin is not trading well,” Novogratz said. He added, “Now, in the long run, the Fed governor can only do so much.”
If the economy deteriorates enough to cause the Fed to turn around and cut rates again, then Bitcoin’s position could turn around, the Galaxy CEO said. That is still the big driver he’s not seeing in investors’ minds, he stated.
“The narrative is the Fed will be cutting rates at one point,” Novogratz said. “There’s just very small chance that we actually get ourselves out of the financial mess we’re in and that we don’t have to inflate our debt away,” he remarked.
He admitted that there wasn’t any new demand for Bitcoin on the market. He mentioned the market is one that has “no energy right now” and “no new buyers.” Novogratz also cited problems with Strategy Executive Chairman Michael Saylor’s Bitcoin-backed financing models, which have come under strain.
However, he said that “long-term” investors should keep their eyes on the months to come. “The narrative comes back,” Novogratz declared. He pointing out that investors should wait until “March of next year” to review the outlook of Bitcoin.