On a December 5 appearance on CNBC’s “The Exchange,” Mike Novogratz, CEO and founder of Galaxy, offered insight into Bitcoin’s meteoric rise while making a striking comment that has fueled curiosity about the mysterious figure behind it all: Satoshi Nakamoto.
A historic milestone for Bitcoin
Now that Bitcoin is reaching the symbolic $100,000 milestone– an extraordinary rise from a concept in a white paper from just 15 years ago – Novogratz took a moment to pay tribute to the community that drove adoption of the digital asset. He emphasized the fundamental nature of Bitcoin’s growth, saying: “If Satoshi were alive, because I don’t think he is, I’m sure he would have a big smile on his face.”
This comment, in a matter-of-fact tone, underlines the enduring enigma of BTC’s pseudonymous creator. While Satoshi’s identity has never been confirmed, the suggestion of his death is a topic rarely discussed so directly by leading industry figures.
“It’s a great technology, and actually the social construct through which people learn to understand each other. In many ways, this is the best example of a broad coalition of people coming together to do something spectacular. Before we talk about price, I want to take a moment to consider the second value of $2 trillion in fifteen years. It’s quite spectacular to get someone’s idea out of the way,” the Galaxy CEO added.
Novogratz, an early investor in Bitcoin, discussed the immense wealth generated by digital assets. He described the past three months as potentially “the largest wealth gain for 25 to 45 year olds in history” due to the doubling of BTC prices.
The CEO underlined the importance of this generational shift in wealth, claiming that it would have real economic consequences: “22, 23% of the wealth shocks are spent on consumption… people are going to buy houses and cars… It will be interesting to see if the Fed can contribute to an increase in consumption through this enormous gain in prosperity.”
Novogratz also acknowledged the staunch belief of many crypto holders, noting that even those who have made significant gains remain reluctant to sell. He described Bitcoin as something closely tied to belief systems and not merely asset allocation: “It’s more of a belief system, even than a financial asset for many people.”
While praising Bitcoin’s global, coalition-based growth, he warned that volatility is inevitable. High influence on the markets, he said, virtually guarantees challenging moments in the future: “I can guarantee all your listeners that there will be at least one, if not two, vicious retracements that will test your soul.”
Moving onto the policy landscape, Novogratz spoke optimistically about the next US administration‘s regulatory approach. He portrayed the recent period as one of “four years of terrible regulation,” claiming that the Trump administration and regulator appointments could support growth and innovation in the digital assets sector.
He concluded: “We now have a president, like him or not, he is great for the crypto industry. He said early on that he would become a crypto president, a Bitcoin president, a cabinet full of believers, full of people who have little knowledge of crypto.”
At the time of writing, BTC was trading at $97,587.
Featured image created with DALL.E, chart from TradingView.com