The Real Reason Bitcoin Stopped Going Up | Mike Novogratz
The Pomp Podcast
Anthony Pompliano
4.6 • 2K Ratings
🗓️ 18 February 2026
⏱️ 28 minutes
🧾️ Download transcript
Summary
Mike Novogratz is a veteran macro investor and the founder & CEO of Galaxy. This conversation was recorded live at Bitcoin Investor Week in New York. In this conversation, Mike shares why investing has become far more complex, how the dollar’s role as a global reserve currency may be shifting, and what that means for bitcoin, gold, and global markets. We also cover bitcoin’s recent pullback, regulation and ETFs, and why AI, energy, and tokenization could define the next market cycle.
======================
Arch Public is an agentic trading platform that automates the buying and selling of your preferred crypto strategies. Sign up today at https://www.archpublic.com and start your automated trading strategy for free. No catch. No hidden fees. Just smarter trading.
======================
Simple Mining makes Bitcoin mining simple and accessible for everyone. We offer a premium white glove hosting service, helping you maximize the profitability of Bitcoin mining. For more information on Simple Mining or to get started mining Bitcoin, visit https://www.simplemining.io/
======================
- 0:00 - Intro
- 0:24 - Why the investing game just got harder
- 5:40 - Is the U.S. losing reserve currency status?
- 8:37 - AI, productivity, & why inflation may stay low
- 11:25 - Is Bitcoin actually “not working”?
- 13:24 - Regulation, Wall Street, & Bitcoin’s next narrative
- 20:59 - AI, power, & the future of Galaxy
- 26:16 - Mike’s fantasy football league
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Listen, Bitcoin had a horrible year. Why do I think it happened? But we had a $9 billion seller. |
| 0:06.0 | I had a friend that wanted to buy a sports team, so we sold some Bitcoin to buy a sports team or to buy a boat. |
| 0:11.5 | Everyone took a few chips off the table. And I think we put a low at 60. I'm not 100% convinced, but I'm pretty convinced. |
| 0:17.9 | And so, yes, I've been buying some Bitcoin recently. And I think one of the reasons why crypto's not going away is it. All right. I like this desk. It's nice, right? You know why? Our team got mad at me the other day because they were like, you're on stage and I was still texting them to get stuff done. And I said, yeah, it's easy. And I can just do that. People are very confused in this room. They feel like the last 10 years investing, I don't want to say it was easy, but it was definitely like everything was up into the right. You could just make money. You could buy S&P. You could buy Bitcoin, whatever. It now feels like we are in a much more complicated, kind of macro-oriented world. you've been in the macro world for, I don't know, 30 years, 40 years? |
| 0:56.6 | A long time. |
| 0:57.1 | 60 years? |
| 0:57.8 | A long time. kind of macro-oriented world. You've been in the macro world for, I don't know, 30 years, 40 years. |
| 0:56.6 | Long time. 60 years? A long time. What's going on? I had hair like you when I started. |
| 1:03.6 | Listen, it's complicated. I was sitting with two of my mentors who are 72, and we were their kids I don't know they did it right or wrong |
| 1:14.6 | their kids are roughly the same age as mine and I said would you ever think about you know |
| 1:19.0 | giving your kids some money to manage they can make their own decisions with it like how do you |
| 1:23.3 | empower them and they looked at me like are you insane they were like we are entering the hardest 10 |
| 1:28.9 | years of our careers and how to preserve and grow value and we're at least pretty good at this |
| 1:36.7 | we have no idea if those kids are going to even be you know an iota is good and so no and i thought |
| 1:43.3 | about that because you know they're right right there's so |
| 1:47.2 | much changing right now that it makes value in understanding where to have your capital a just to stay |
| 1:56.5 | level right if you measured yourself in gold you didn't have a good year last year unless you |
| 2:01.5 | owned a lot of gold, right? And so, does it mean run into gold now? I don't think so. I think gold and |
| 2:09.3 | silver, certainly silver, put in the cycle high. If you look at the silver chart and you |
| 2:14.6 | lay it over any other bubble in history, right? The NASDAG bubble, |
| 2:20.5 | the micro strategy bubble that we had, you name the bubble, the Niki bubble in 89, take the silver |
| 2:29.0 | chart, put it right over it and tell me you want to buy silver. You might buy it tactically because it gets |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Anthony Pompliano, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Anthony Pompliano and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.