Business Model 'Over'? Novogratz and Scaramucci Say $74K Says Otherwise

Galaxy Digital CEO Michael Novogratz and SkyBridge Capital founder Anthony Scaramucci recently unpacked Bitcoin's trajectory during their broadcast, and folks, it was a masterclass in contrarian optimism. In crypto, being optimistic when everyone's doom-scrolling is basically a personality trait worth Monetizing.

Novogratz addressed the token's drop from the $100,000 neighborhood in January down to the $60,000 zone, dubbing it a "liquidity drain." Forced sellers, apparently, have been doing their best impression of a slow exit. "I have absolutely no doubt that Bitcoin's business model is over," Novogratz quipped, with the kind of confidence that only someone holding a lot of something can muster. "If it were a stock and its business model were considered finished, the price would plummet much lower. But Bitcoin is holding its ground." Said the man who definitely doesn't have skin in this game. (Spoiler: he absolutely does.)

Apparently, Bitcoin's guest list now includes heavy hitters like BlackRock (Larry Fink sent his regards), Morgan Stanley, and Vanguard—all treating it like a permanent fixture in their portfolios. According to Novogratz, this institutional validation has created a rock-solid support system. Nothing says "we believe in your vision" quite like multi-trillion dollar asset managers filling up the bag.

The Galaxy Digital chief noted Bitcoin is currently in a "less exciting"