Galaxy CEO: The biggest risk of Bitcoin lies in governance, not quantum computing

According to market news, Galaxy Digital CEO Mike Novogratz stated during the earnings call that the biggest risk Bitcoin currently faces is internal governance issues, rather than quantum computing. He believes that quantum computing is more of a market hype narrative and expects Bitcoin to upgrade to quantum-resistant technology in a timely manner.

Novogratz pointed out that the real long-term threat to Bitcoin lies in the potential for persistent disagreements among developers or the inability to reach consensus on upgrades, but he believes this scenario is unlikely to occur, as Bitcoin has the capability to address these issues. When discussing the recent market decline, Novogratz noted that the selling pressure mainly comes from the distribution of chips by long-term holders, rather than a collapse of market confidence.

While acknowledging the possibility of further downside, he intuitively feels that the market is closer to the cycle bottom rather than the beginning of another prolonged crypto winter. He mentioned that the legislative framework for cryptocurrency regulation in the U.S. could serve as a catalyst to attract new demand through Wall Street channels, and pointed out that Bitcoin's role as a macro asset supported by both retail and institutional investors has been solidified.