In a special Christmas edition of the Galaxy Brains podcast, Galaxy Digital CEO and founder Mike Novogratz, together with host Alex Thorne, gave a candid look back at a turbulent year and a strategic look ahead to 2026.
Despite a year in which Bitcoin fell short of bull-case targets and was worth nearly $87,000 instead of the hoped-for six figures, Novogratz says the “foundation for a future of higher prices” has been firmly laid through regulatory shifts and the maturation of institutional infrastructure.
What was 2025 like according to Galaxy CEO?
Novogratz added up at the end of 2025 as a ‘lump of coal’, indicating Bitcoin’s failure to stage a Santa Claus rally.
He argued that eAlthough BTC hit new all-time highs earlier this year, it struggled to regain $100,000 due to a perceived psychological ceiling of $100,000.
Moreover, Novogratz went on to outline a vision for 2026 that goes beyond this type of speculative price action, predicting a convergence of crypto rails, artificial intelligence and traditional finance.
He expects Bitcoin [BTC] between $80,000 and $100,000 until new liquidity enters the market after institutions complete their year-end balance sheet cleanup.
Moreover, Novogratz also thinks that tokenization will become more common by 2026.
Galaxy has already listed its own SEC-registered shares on the Solana [SOL] blockchain, and he expects giant companies like Apple, Tesla and SpaceX to do the same.
This would allow people in countries like Nigeria or Cambodia to buy and own famous stocks with nothing but a smartphone.
Bitcoin’s role in the ecosystem
Novogratz still considers Bitcoin to be the only real ‘money’ in the crypto market.
He believes 2026 will force many community-driven blockchains, such as Cardano [ADA] and Ripple [XRP]to prove that they are real companies or commonly accepted forms of money. If they don’t pass that test, he expects they will fade away as users move to more productive means.
Although Bitcoin missed out on a Christmas rally in 2025, Novogratz emphasizes that the foundation for long-term growth is firmly in place.
He points out that US advisors manage more than $4 trillion in baby boomer wealth, and says even a small 3% allocation to Bitcoin could push prices up dramatically.
As the conversation ended, Novogratz made a comparison between the current crypto market and the early days of private equity.
He explained how wealthy investors once controlled access to fast-growing deals like SpaceX – a benefit that tokenization can finally bring to everyone.
Why 2026 matters
For him, 2026 is the year in which crypto must move beyond the hype and prove its worth through real utility.
He outlined three priorities: building sustainable, everyday use cases; the maturation of the institutional infrastructure until “TradFi” becomes just “finance”; and preserving Bitcoin’s role as hard money in a world of monetary debasement.
“We are an industry that is telling this story about how important we are. It’s time for us to become important… If you use crypto on your phone – not just to trade it, but to use tokenized equity and stablecoins – then we have won.”
In conclusion, whether Bitcoin breaches the $100,000 ceiling in the next three months or the next three years, the infrastructure for a token global economy is now inevitable.
Final thoughts
- Despite Bitcoin’s weakness, Novogratz believes the foundation for a stronger future has been firmly laid.
- The industry must move beyond the hype cycles and demonstrate real value through tokenized assets and actionable financial products.