In a special holiday edition of the Galaxy Brains podcast, Galaxy Digital CEO and Founder Mike Novogratz joined host Alex Thorne for a candid look back at a turbulent year and a strategic preview of 2026.
Despite a year that saw Bitcoin fall short of bull-case targets, trading near $87,000 rather than the hoped-for six figures, Novogratz argues that the “foundation for a future of higher prices” was firmly laid through regulatory shifts and the maturation of institutional infrastructure.
How was 2025, according to Galaxy CEO?
Novogratz summed up the end of 2025 as a “lump of coal,” pointing to Bitcoin’s failure to stage a Santa Claus rally.
He argued that even though BTC hit new all-time highs earlier in the year, it struggled to reclaim $100,000 because of a perceived psychological ceiling at $100,000.
Additionally, Novogratz went on to outline a vision for 2026 that moves beyond such kind of speculative price action, and predicted a convergence of crypto rails, artificial intelligence, and traditional finance.
He expects Bitcoin [BTC] to stay in the $80k–$100k range until new liquidity enters the market after institutions complete their year-end balance-sheet cleanup.
Moreover, Novogratz also thinks tokenization will become more common moving into 2026.
Galaxy has already put its own SEC-registered shares on the Solana [SOL] blockchain, and he expects giant companies like Apple, Tesla, and SpaceX to do the same thing.
This would allow people in countries like Nigeria or Cambodia to buy and own famous stocks using nothing but a smartphone.
Bitcoin’s role in the ecosystem
Novogratz still treats Bitcoin as the only true “money” in the crypto market.
He believes 2026 will force many community-driven blockchains, such as Cardano [ADA] and Ripple [XRP], to prove they are real businesses or widely accepted forms of money. If they fail that test, he expects them to fade as users shift toward more productive assets.
Even though Bitcoin missed a Santa Claus rally in 2025, Novogratz insists the foundation for long-term growth is firmly in place.
He points out that U.S. advisors manage more than $4 trillion in baby boomer wealth, and says that even a small 3% allocation to Bitcoin could push prices dramatically higher.
As the conversation ended, Novogratz drew a comparison between today’s crypto market and the early days of private equity.
He explained how wealthy investors once controlled access to high-growth deals like SpaceX—an advantage that tokenization can finally open up to everyone.
Why 2026 matters
For him, 2026 is the year crypto must move beyond hype and prove its value through real utility.
He outlined three priorities: building durable, everyday use cases; maturing institutional infrastructure until “TradFi” becomes just “finance”; and preserving Bitcoin’s role as hard money in a world of monetary debasement.
“We’ve been an industry telling this story about how important we are. It’s time for us to start being important... When you’re using crypto on your phone—not just trading it, but using it for tokenized equities and stablecoins—then we’ve won.”
In conclusion, whether Bitcoin breaks its $100,000 ceiling in the next three months or the next three years, the infrastructure for a tokenized global economy is now inevitable.
Final Thoughts
- Despite Bitcoin’s weakness, Novogratz believes the groundwork for a stronger future has been firmly set.
- The industry must move beyond hype cycles and show real-world value through tokenized assets and usable financial products.
