AI Is Stealing Crypto's Thunder, Says Galaxy CEO Mike Novogratz, But He's Sticking With A $100K Bitcoin Call

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Key points:
Galaxy Digital CEO Mike Novogratz said on Friday that crypto investors have been “disappointed” this year as Bitcoin lagged broader equity markets.
Speaking with Anthony Scaramucci, Novogratz said investor attention had shifted toward artificial intelligence and data centers, making crypto “less sexy” than before.
He also pointed to “agentic trading” and stablecoin payment rails as potential long-term growth areas for crypto infrastructure.
Galaxy Digital Inc. (GLXY) Founder and CEO Mike Novogratz said on Friday that crypto investors have been “disappointed” this year, as Bitcoin (BTC) has failed to keep pace with broader equity markets despite continued institutional adoption.

Speaking with SkyBridge Capital founder Anthony Scaramucci on the All Things Markets podcast, Novogratz said investor attention had increasingly shifted toward artificial intelligence (AI), data centers, and commodities, leaving crypto with less momentum than previous cycles, and that “crypto is less sexy than it was last year.”

Novogratz further explained that Bitcoin had notably decoupled from the Nasdaq (NDAQ) during the latest equity rally, adding that BTC would historically have been expected to trade near all-time highs alongside US technology stocks. “Crypto investors have been disappointed this year,” the Galaxy Digital founder added.

Investor Attention Shifts Beyond Crypto

According to Novogratz, both retail and institutional investors have increasingly rotated capital toward artificial intelligence-linked sectors as enthusiasm across digital assets cooled. “The attention of institutional players has shifted towards crypto right at the time when the attention of a lot of crypto retail has shifted to other things,” he said.

The Galaxy Digital CEO added that Bitcoin had struggled to regain momentum despite broader equity markets continuing to rally, with BTC largely hovering around the $80,000 level over the past few weeks. As of writing, Bitcoin’s price was trading at $78,075, down over 3% during the past 24 hours, and roughly 38% from its all-time high of $126,000 in late 2025. On Stocktwits, retail sentiment around BTC remained in the ‘bullish’ zone, while chatter stayed at ‘normal’ levels over the past day.

Despite the recent price decline, Novogratz remained bullish on Bitcoin reaching $100,000 by the end of this year, even as he turned ‘bearish’ on gold outperforming BTC over the next 12 months and on Bitcoin becoming a formal US reserve asset before 2028.

AI Infrastructure Becomes New Market Focus

Novogratz further explained that investor enthusiasm had increasingly shifted toward AI-related sectors, which have recently outperformed much of the crypto market.

Galaxy has also expanded its exposure to high-performance computing (HPC) and AI infrastructure through its Helios data center platform. Novogratz also pointed to AI-driven “agentic trading” as a potential long-term use case for blockchain-based payment rails and stablecoin networks, arguing that crypto infrastructure could increasingly support automated financial activity.

Galaxy’s stock was down by 0.27% during after-hours trading. On Stocktwits, the retail sentiment around GLXY remained in the ‘bearish’ zone, while chatter around it stayed in the ‘low’ levels during the past day.

However, Novogratz cautioned that broader crypto markets may need renewed investor engagement before regaining the momentum.
source: https://www.tradingview.com/news/stocktwits:4dd967c56094b:0/