The Real Reason Bitcoin Stopped Going Up | Mike Novogratz

Mike Novogratz is a veteran macro investor and the founder & CEO of Galaxy. This conversation was recorded live at Bitcoin Investor Week in New York. In this conversation, Mike shares why investing has become far more complex, how the dollar’s role as a global reserve currency may be shifting, and what that means for bitcoin, gold, and global markets. We also cover bitcoin’s recent pullback, regulation and ETFs, and why AI, energy, and tokenization could define the next market cycle.

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• 0:00 - Intro
• 0:24 - Why the investing game just got harder
• 5:40 - Is the U.S. losing reserve currency status?
• 8:37 - AI, productivity, & why inflation may stay low
• 11:25 - Is Bitcoin actually “not working”?
• 13:24 - Regulation, Wall Street, & Bitcoin’s next narrative
• 20:59 - AI, power, & the future of Galaxy
• 26:16 - Mike’s fantasy football league