Quantum Computing Isn’t a Major Threat to Bitcoin, Says Galaxy CEO Mike Novogratz

Galaxy Digital CEO Mike Novogratz believes fears around quantum computing threatening Bitcoin are being overstated, even as some investors cite the technology as a reason for selling their holdings. Speaking during Galaxy’s recent earnings call, Novogratz said that “quantum has been the big excuse for people,” but emphasized that he does not see it as a serious long-term risk to Bitcoin or the broader crypto market.

According to Novogratz, while quantum computing could eventually pose challenges to many industries worldwide, Bitcoin is well positioned to adapt. He argued that as quantum technology advances, so will quantum-resistant cryptography. “As we get closer to quantum, we’re gonna get closer to quantum resistant,” he said, adding that the Bitcoin network can update its code in time to address future risks.

The debate around quantum computing and cryptocurrency security has intensified in recent months. In July, Christopher Wood, global head of equity strategy at Jefferies, removed Bitcoin from his model portfolio, citing quantum computing concerns. Coinbase has also acknowledged that quantum computing could become a long-term threat, while the Ethereum Foundation recently elevated post-quantum security to a strategic priority by forming a dedicated team.

Despite these moves, many Bitcoin developers argue that quantum computers capable of breaking Bitcoin’s cryptography do not exist today and are unlikely to emerge for decades. Still, for some investors, even a theoretical risk to Bitcoin’s role as a store of value is enough to justify caution.

Novogratz also addressed another key topic: whether long-term Bitcoin holders, often referred to as “OGs,” are selling their holdings. The discussion gained traction after Galaxy facilitated a $9 billion sale of over 80,000 Bitcoin last year for a Satoshi-era investor as part of estate planning. Novogratz acknowledged that profit-taking among early believers is real, noting that once selling begins, it can become a cycle that makes long-term holding increasingly difficult.

Overall, while quantum computing concerns and OG selling continue to fuel debate, Novogratz remains confident in Bitcoin’s ability to adapt and endure.