Galaxy Digital’s Mike Novogratz argues quantum computing isn’t a serious risk for Bitcoin.

Galaxy Digital CEO Mike Novogratz says early Bitcoin holders are increasingly cashing out, marking a shift away from the long-standing “HODL” mentality that once defined the asset’s earliest supporters.

Speaking on Galaxy’s earnings call Tuesday, Novogratz said concerns around quantum computing have become a convenient narrative for selling, rather than a reflection of a genuine near-term threat to Bitcoin’s security.

“Quantum has been the big excuse for people,” he said, arguing that the risks are being overstated. While quantum computing could eventually have sweeping consequences, Novogratz said Bitcoin is well positioned to adapt. “In the long run, quantum will not be a huge issue for crypto. It’ll be a big issue for the world, but crypto—Bitcoin especially—will be able to handle it.”

The discussion around quantum computing and cryptographic risk has intensified recently. Last month, Jefferies’ global head of equity strategy Christopher Wood removed a 10% Bitcoin allocation from his model portfolio, citing concerns tied to quantum advances. Coinbase has also acknowledged that quantum computing could pose a long-term risk to digital assets, while the Ethereum Foundation elevated post-quantum security to a strategic priority this month with the creation of a dedicated team.

Novogratz said that while quantum technology is real, it remains years away from posing a practical threat. He added that Bitcoin’s open-source development model allows the network to evolve as needed. “As we get closer to quantum, we’ll also get closer to quantum-resistant,” he said. “The Bitcoin code will change in time.”

Some Bitcoin developers have echoed that view, noting that computers capable of breaking Bitcoin’s cryptography do not exist today and are unlikely to emerge for decades. Still, the debate has unsettled some investors, particularly those focused on Bitcoin’s long-term “store of value” proposition.

Early holders take profits

Novogratz also addressed growing scrutiny around whether long-term Bitcoin holders—often referred to as “OGs”—are reducing exposure.

The issue gained prominence last year after Galaxy disclosed it had facilitated the sale of more than 80,000 bitcoin, valued at roughly $9 billion at the time, for a Satoshi-era investor. The firm said the transaction, one of the largest in Bitcoin’s history, was carried out as part of estate planning.

The sale reignited questions about whether early adopters, long known for holding through extreme volatility, are beginning to reassess their commitment. Novogratz said profit-taking among these investors is real and often accelerates once it starts.

“You sell a little more, and then a little more,” he said. “It becomes very hard to keep HODLing.”

“There was a period where people were almost religious about never selling Bitcoin,” Novogratz added. “That mindset has clearly softened, and you’re seeing more selling as a result.”