Galaxy CEO Michael Novogratz Says Quantum Won’t Kill Bitcoin

• Novogratz says Bitcoin can upgrade before quantum machines threaten wallet security.
• Google says breaking crypto keys may need far fewer qubits than earlier estimates.
• NIST’s post-quantum standards reinforce calls for early migration across crypto networks.

Galaxy Digital CEO Michael Novogratz said a future cryptographic threat should not be treated as a death sentence for Bitcoin. On the “All Things Markets” podcast, he said the bigger challenge is governance, not hardware. If the risk becomes real, he argued, the network can still upgrade through community consensus.

This news comes after Google Research published a blog post and whitepaper on March 31 saying future computers may break elliptic-curve cryptography with fewer resources than earlier estimates. The same model, basically, helps secure wallets across major cryptocurrencies, including the curve used by Bitcoin and Ethereum.

Michael Novogratz: Governance Is the Main Obstacle

During the podcast, co-host Anthony Scaramucci referenced Google’s findings and said major industry figures were already focused on the issue. Novogratz, however, replied that the central test would be persuading Bitcoin Core developers to align around a migration path.

He described the issue as existential but manageable. In his view, a software network backed by developers and institutional capital would not stay unchanged if a serious cryptographic threat emerged. He said refusing to change the code would be irrational and added that he expects the network to adapt before the hardware reaches that stage.

Novogratz also said the debate could strengthen confidence in the asset. He argued that market participants are not ignoring the risk and that protective changes would be made as the danger becomes more concrete. That framing moves the discussion away from panic and toward coordination.

“I think in some ways this helps Bitcoin,” Novogratz said. “Like, people aren’t stupid, right? You’re going to have quantum-resistant changes made to the code as this comes. And so, I think there’s more hoopla around this than need be.”

Google’s Paper Sharpened the Threat

In its white paper, Google said an attack circuit could need fewer than 1,200 logical qubits and 90 million Toffoli gates. Another version could need fewer than 1,450 logical qubits and 70 million gates.

Under Google’s assumptions, those circuits could run on a relevant machine with fewer than 500,000 physical qubits in minutes. Google described that as about a 20-fold reduction in physical qubit requirements from earlier estimates.

It also said the findings apply directly to secp256k1, the elliptic curve used for digital signatures on both Bitcoin and Ethereum. Google said post-quantum cryptography offers a workable migration path if blockchains begin transitioning before such machines become practical.

The whitepaper also linked the issue to on-chain exposure. Google said more than 1.7 million BTC remain in old Pay-to-Public-Key outputs alone. It added that dormant, vulnerable holdings across script types could reach about 2.3 million BTC. It also estimated that exposed or reused key addresses may account for roughly 6.7 million BTC.

Related: Spot Bitcoin ETF Volume Surpasses $2.4 Billion as BTC Pulls Back

Why the Debate Now Extends Into Markets

Those figures help explain why the conversation has widened beyond cryptography. The issue is no longer limited to whether a theoretical machine could break digital signatures. Instead, it now touches dormant coins, market structure, and governance questions that the network could face if advanced attackers ever emerge.

That broader framing also mirrors the wider cybersecurity response. In August 2024, NIST finalized its first three post-quantum encryption standards and urged organizations to begin transitioning immediately. Its guidance was clear: start early, migrate gradually, and avoid waiting until the threat becomes visible.

Novogratz paired that security debate with a market update. He said Bitcoin remains in a low-volume holding pattern between buyers and sellers. He added that the drop to $60,000 flushed out weaker hands in what he called a liquidity puke. He also said the asset class still shows bottoming signs as interest from firms such as Morgan Stanley and BlackRock continues.