Galaxy CEO: The biggest risk to Bitcoin is governance, not quantum computing

PANews February 4 News, according to Cryptobriefing, Galaxy Digital CEO Mike Novogratz stated during the earnings call that the biggest risk currently facing Bitcoin is governance issues rather than quantum computing. He believes quantum computing is more of a market hype narrative and expects Bitcoin to be upgraded in time to incorporate quantum-resistant technology. Novogratz pointed out that the real long-term threat to Bitcoin lies in potential persistent disagreements among developers or an inability to reach consensus on upgrades, but he considers such scenarios unlikely, as Bitcoin has the capacity to address these issues. Regarding recent market declines, Novogratz believes the selling pressure mainly comes from long-term holders’ distribution, rather than a collapse in market confidence. While acknowledging the possibility of further downside, he intuitively feels the market is closer to a cycle bottom rather than the start of another prolonged crypto winter. He mentioned that legislation on the US crypto market regulatory framework could serve as a catalyst to attract new demand through Wall Street channels, and noted that Bitcoin’s role as a macro asset supported by both retail and institutional investors has been solidified.