Galaxy Digital CEO Calls Bitcoin a 'Generational Asset' Despite Bear Market Pressures

Michael Novogratz says Bitcoin will benefit from macroeconomic tailwinds and broader adoption despite near-term volatility.

Published on Feb. 19, 2026

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Michael Novogratz, CEO of Galaxy Digital, described the current environment for Bitcoin as a bear market during the company's recent earnings call. However, he reiterated his conviction that Bitcoin remains a long-term, generational investment poised to benefit from macroeconomic tailwinds and broader adoption.

Why it matters

Novogratz's comments provide insight into how a major crypto-focused firm is navigating the current market downturn and its long-term outlook on Bitcoin's prospects. His perspective offers a counterpoint to concerns about Bitcoin's ability to withstand competition from other speculative assets.

The details

Novogratz acknowledged that Bitcoin is now competing for capital with a growing array of speculative assets, including gold, silver, equities, and sports betting platforms. However, he emphasized Bitcoin's distinct positioning within the financial ecosystem, arguing that its structural value proposition differentiates it from other risk-driven trades. He also reflected on the challenges of timing the market, referencing selling part of his Bitcoin holdings near $130,000 and wishing he had repurchased at $60,000.

  • Galaxy Digital reported its earnings in February 2026.

The players

Michael Novogratz

The CEO of Galaxy Digital, a cryptocurrency-focused financial services firm.

Kevin Warsh

A former Federal Reserve governor who is widely viewed as dovish on monetary policy and has been previously nominated to lead the Federal Reserve.

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What they’re saying

“We believe that Bitcoin is going to be a generational asset.”

— Michael Novogratz, CEO, Galaxy Digital (bakercityherald.com)

“Right now, he's dovish. He believes that AI is going to crush inflation and that we have inflation heading lower and therefore, rates are too high—he's going to cut rates.”

— Michael Novogratz, CEO, Galaxy Digital (bakercityherald.com)

What’s next

Investors will be closely watching for any changes in Federal Reserve leadership and monetary policy, which could impact the performance of Bitcoin and other cryptocurrencies.

The takeaway

Despite the current bear market pressures, Galaxy Digital's CEO remains bullish on Bitcoin's long-term prospects, citing macroeconomic tailwinds, broader adoption trends, and the asset's distinct positioning within the financial ecosystem.