Bloomberg Talks Galaxy Digital CEO & Founder Michael Novogratz Talks AI, Stocks
Sep 23, 2025
Michael Novogratz, the Founder and CEO of Galaxy Digital, dives into the intricate relationship between crypto and stock markets. He believes recent crypto price volatility is influenced by leverage and bearish sentiment but sees it as a temporary dip. Novogratz also discusses the potential for new legislation to significantly boost crypto participation, suggesting we might be at the tail end of a long bull market. Additionally, he touches on the role of AI excitement in driving stock valuations higher.
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Temporary Pullback After Strong Run
- Crypto's recent pullback reflects profit-taking and leverage unwinding after a strong run in ETH and SOL.
- Novogratz views the decline as temporary and stresses keeping gains-in-context given year-to-date strength.
Euphoric Stocks Driven By AI
- Stocks are in a euphoric phase driven by AI excitement and valuation momentum.
- Novogratz warns high valuations plus interconnected AI providers create a nervous market despite potential further gains.
Regulation Could Change Crypto Cycles
- Upcoming U.S. crypto legislation (stablecoin act and market-structure rules) could materially expand participation.
- Novogratz sees regulatory clarity as a potential structural change that may break traditional four-year crypto cycles.