CORRECTION: An earlier version of this story misstated that Galaxy CEO Mike Novogratz attributed a $9 billion bitcoin sale to concerns about quantum computing. The sale was tied to estate planning — not quantum fears — and the story below has been updated.
Galaxy CEO Mike Novogratz says quantum computing is being overplayed as an imminent threat to Bitcoin — and, in some cases, used as an excuse to sell.
“Quantum has been the big excuse for people,” Novogratz said on Galaxy’s earnings call Tuesday. “I think in the long run, quantum will not be a huge issue for crypto. It’ll be a big issue for the world, but crypto, Bitcoin especially, will be able to handle it. But that’s been the excuse [for selling].”
Why the debate matters now
Interest in quantum’s potential to undermine crypto encryption has surged recently. Christopher Wood, Jefferies’ global head of equity strategy, removed a 10% bitcoin allocation from a model portfolio last month citing quantum risk. Major industry players have also signaled concern: Coinbase has acknowledged quantum as a long-term threat to the market, and the Ethereum Foundation recently created a dedicated Post‑Quantum team to make post‑quantum security a formal priority.
But Novogratz argues the timeline and the fixability of the problem work in Bitcoin’s favor. He acknowledged quantum computing is real but still nascent, and said Bitcoin can be updated as the risk approaches: “As we get closer to quantum, we’re gonna get closer to quantum resistant. And you will have the Bitcoin code changed in time.”
Not everyone agrees on urgency
Some Bitcoin developers push back, noting machines that can break Bitcoin’s cryptography do not exist today and likely won’t for decades. Still, for a subset of investors, even a distant or theoretical quantum risk is enough to affect perceptions of bitcoin’s store-of-value case.
OGs, HODLing and selling cycles
Novogratz also addressed whether long-term early holders — the so-called “OGs” — are exiting positions. The question intensified after Galaxy announced it facilitated a sale of more than 80,000 BTC (about $9 billion notional) by a Satoshi-era investor as part of estate planning. That trade rekindled debate over whether the early community has abandoned the HODL ethos.
“I think OGs taking profit is real, and once selling starts, it just becomes a cycle,” Novogratz said. “Then you sell a little more, you sell a little more, and it is so hard to HODL. There were a tremendous amount of these religious believers in this concept of HODLing and not letting go of your bitcoin. And somehow that fever broke, and you started seeing some selling.”
Bottom line
Novogratz sees quantum as a headline-grabbing concern but not an existential, immediate threat to Bitcoin — and he expects protocol-level defenses will evolve ahead of any real danger. Still, market sentiment driven by theoretical risks and profit-taking by early holders may continue to influence price and perception in the near term.
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