Galaxy CEO: “Quantum computing not the main driver of Bitcoin (BTC) plunge…erosion of long-term holding conviction played a role”

Mike Novogratz, CEO of crypto financial services firm Galaxy Digital, pushed back against the view that the threat of quantum computing was the primary cause of Bitcoin’s (BTC) recent sharp drop.

According to crypto-focused media outlet CoinDesk on the 4th (local time), Novogratz said, “I don’t think concerns about quantum computing triggered the Bitcoin selloff,” adding, “The real driver behind the recent wave of selling is early investors taking profits and a weakening conviction to hold for the long term.”

He cited an example from the fourth quarter of last year in which one of Galaxy Digital’s clients sold roughly $9 billion worth of Bitcoin, explaining that “this shows the ‘never sell’ HODL philosophy is weakening among early Bitcoin holders.”

Novogratz said, “Once the belief that you hold Bitcoin forever starts to wobble, selling pressure naturally emerges,” adding that “the large-scale selling being observed in the market is an extension of that shift in sentiment.”

He continued, “The quantum-computing threat is closer to a pretext used to rationalize selling decisions,” stressing that “the key factors behind the price decline are changing behavior among long-term holders and the desire to take profits.”