Bitcoin's 'Business Model' Totally Fine, Just Needs $74K Worth of Therapy, Say Guys Who Own Lots of Bitcoin

Galaxy Digital CEO Michael Novogratz and SkyBridge Capital founder Anthony Scaramucci walked into a bar—no wait, a Zoom call—and emerged with the hot take nobody saw coming: they're still bullish on Bitcoin. Shocking, I know. Two guys whose net worth does a trust fall onto Bitcoin's price chart managed to find time between Tesla's rollercoaster and the latest memecoin frenzy to discuss everyone's favorite digital asset with exactly zero chill.

Novogratz tackled Bitcoin's leisurely stroll from the $100,000 zip code in January down to the more humble $60,000 neighborhood, slapping it with the technical term "liquidity drain." Translation: the panic crowd hit the eject button and whoever was left holding the bags did what degens do best—held. His exact words of wisdom? "I have absolutely no doubt that Bitcoin's business model is over. If it were a stock and its business model were considered finished, the price would plummet much lower. But Bitcoin is holding its ground." Ah yes, the classic "Bitcoin broke every rule in the book but we're calling it a feature not a bug" defense.

But wait—apparently the dip-buying brigade has leveled up. It's not just your uncle asking about Dogecoin at Thanksgiving anymore. The whales have entered the chat: BlackRock (Larry Fink, who once called Bitcoin "an index of money laundering" and now probably has it in his 401k), Morgan Stanley, and Vanguard have apparently decided Bitcoin is a "permanent asset class." Nothing says legitimacy like the financial institutions your grandfather trusted also wanting in on the volatility.

For those keeping score—and yes, you should be, because charts are basically crypto astrology—Novogratz says we're currently in a "less exciting" consolidation phase. The crystal ball says Bitcoin needs to踹破 $74,000 resistance, and more importantly $80,000, before this party gets interesting again. Once that happens, brace yourself for what he optimistically calls a "major wave of optimism." Or as the rest of us call it, another Twitter poll about whether $100K will happen before lunch.

And because no bull market comes without its boogeymen, quantum computing