Galaxy Digital CEO Mike Novogratz has stated that the current Bitcoin price decline has been triggered by a deep crisis of confidence in the market. He identified Strategy and its co-founder Michael Saylor as the main culprits behind the situation. According to Novogratz, Saylor's broken promises and the company's first-ever sale of a portion of its Bitcoin reserves amid massive unrealized losses of $14 billion undermined investor trust. Now, the market, sensing the vulnerability of a major player, is attempting to push the price down to profit from short positions.

Additional pressure on Bitcoin and gold is coming from the hawkish rhetoric of new Federal Reserve Chairman Kevin Warsh and Treasury Secretary Scott Bessent's stance on a strong dollar. Novogratz maintains a bearish outlook on both assets, although he does not expect further rate hikes. He considers the $59,000–$60,000 range a key support zone for Bitcoin. If this level is breached, the price could collapse to $45,000 or lower. A reversal, however, would only be possible amid monetary policy easing and an influx of capital from China.

Novogratz's pessimism extends to the stock market, particularly the artificial intelligence sector. He believes the AI boom is nearing its peak, after which a large-scale sell-off will begin. The situation will be exacerbated by upcoming public listings of major AI labs: Anthropic is expected to go public in 2026, followed by OpenAI. This massive issuance of new shares and credit supply will drain remaining liquidity from the market.

The decline in tech companies could be further intensified by the upcoming U.S. midterm elections in the fall of 2026. Novogratz is confident that Democrats will be able to regain control of the House of Representatives, and "anti-AI" rhetoric is being actively incorporated into their election platform. At the same time, the executive advocates for fair distribution of wealth generated by AI. He proposed that revenues from AI trained on society's collective data should be distributed among citizens along the lines of Alaska's oil dividends, emphasizing the need for strict government oversight of the sector.