Galaxy's Novogratz to Bitcoin Doomers: Patience, Grasshopper — the Fed Hasn't Even Cut Yet 🐉

Galaxy Digital CEO Mike Novogratz pushed back against the resurfacing "Bitcoin is dead" narrative, arguing that a future shift in U.S. monetary policy could upend the bearish setup that has weighed on $BTC in recent months. Speaking on the All Things Markets podcast with Anthony Scaramucci, Novogratz said investors need to be patient even as price action stalls, retail interest fades and on-chain signals flash multi-year lows.

Scaramucci laid out the case for the skeptics, citing Bitcoin's Relative Strength Index sitting at record lows, declining Google search volume, and data showing long-term holders now control a record 79% of the circulating supply. He asked Novogratz directly whether those trends mark a generational bottom or signal that Bitcoin has become a "dead asset." Novogratz disagreed, framing the conditions as a function of tighter-for-longer Federal Reserve policy rather than a structural breakdown in the asset.

The exchange comes against the backdrop of renewed debate over Bitcoin's medium-term trajectory. Scaramucci noted on June 20, 2026 that markets were parsing signals around the Iran conflict and the Fed's next move, which he described as potentially a hike, even as he questioned whether the broader environment was setting up a melt-up. Novogratz pointed instead to the prospect of rate cuts as the catalyst that could invalidate the bearish thesis and reignite demand.

Separately, Novogratz raised concerns about the financing model popularized by Michael Saylor's Bitcoin-focused strategy, suggesting the structure has issues that warrant scrutiny. He did not detail specific figures or counterparties in the remarks covered.

Bitcoin has failed to pick up steam in recent months, with traders describing the tape as a prolonged standoff between buyers and sellers. Search interest, retail engagement and momentum indicators have all rolled over, feeding a familiar round of obituary-style commentary. Whether the Fed delivers the policy pivot Novogratz is banking on remains the central question hanging over the next leg of the cycle.