Mike Novogratz on the crypto market: what to expect for Bitcoin and altcoins in 2025

Wall Street veteran and founder of Galaxy Digital Mike Novogratz has once again shared his forecasts, this time revealing his portfolio and vision for the future of the cryptocurrency market.

The Four Pillars of Novogratz's Portfolio

His top three favorites among altcoins look like this:

• Solana — is positioned as a platform for capital markets, attracting elite HFT firms like Jump Capital.
• Hyperliquid — leads the top-3, but it's a credit that it takes risky positions
• Ethereum — a classic choice
• Bitcoin — the main position, potential up to $200k

Why this time everything is different

Novogratz is convinced: after 8 years, Wall Street has finally stopped ignoring crypto. BlackRock and Larry Fink played a crucial role. Three main changes:

1. Regulatory clarity — pro-crypto position of the SEC and new laws pave the way for growth
2. Banks and corporations are coming — the transition from accounts to wallets, integration of stablecoins and tokenized assets
3. Tokenization of real assets — portfolios will become a mix of stocks, bonds, and loans on the blockchain.

Main Insight: All Successful Cryptos Are Cults

Novogratz often reiterates this thought. XRP and Cardano survive and grow their capitalization not due to usage, but because of the strength of the community. Even Tesla and MicroStrategy now have a similar “cult” structure.

Why Bitcoin Could Soar to $200k

New Gratz scenario: if Trump appoints a “dove” to the Fed, who reduces rates earlier, it will undermine the central bank's independence. The result will be a mass exit from risky assets. In such a situation, gold and Bitcoin will rise sharply.

It is worth noting: despite all the risks, Novogratz predicts the final stage of the rally will be “crazier than you can imagine.”