Mike Novogratz (CEO of Galaxy Investment): The market is currently in a risk-off state, making it difficult for Bitcoin to attract new investors.

Bitcoin has two main narratives:

The macro story – similar to gold, reflecting instability and the demand to move away from the dollar.

The acceptance story – being a young asset, Bitcoin needs stability to attract new investors.

However, in the midst of chaos, new buyers have disappeared, leading to trading that is primarily selling, short selling, and then buying back. Recently, Bitcoin has started trading better than stocks, but overall it still cannot play the role of gold because Bitcoin remains a young asset. But this is not a permanent role; in the future, Bitcoin will take on the role of gold.

He compares Bitcoin and gold to a scorecard for the financial management capability of countries; if gold prices and the yield curve are sending negative signals, it indicates that something is wrong in the financial system.

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