Galaxy CEO: Weakening 'HODLing' belief, not quantum fears, drove BTC sell-off

Mike Novogratz, CEO of crypto financial services firm Galaxy Digital, said he does not believe concerns over quantum computing were the primary cause of Bitcoin's sharp decline. According to CoinDesk, fears about quantum computing spread after a Galaxy Digital client sold $9 billion worth of Bitcoin in the fourth quarter of last year. Novogratz suggested the sale was part of a broader profit-taking trend among early Bitcoin investors, indicating that conviction in the "HODLing" philosophy is weakening. He argued that as the belief in never selling Bitcoin has diminished, selling pressure has begun to emerge, emphasizing that concerns about quantum computing are merely an excuse to justify the sell-off.