Billionaire investor and Galaxy Digital Inc. (Nasdaq: GLXY) founder and CEO Michael Novogratz warned that it is going to be difficult for Bitcoin (BTC) to retake the $100,000 price level amidst the current macroeconomic conditions.

A veteran investor, Novogratz said he first bought Bitcoin in 2013 when it had begun to hit the $1,000 level. It hit an all-time high (ATH) of $126,080 on Oct. 6 last year. But the bloodbath in the following months hasn’t let it recover from the crash as it currently trades below $76,000.

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As per Novogratz, it will be difficult for Bitcoin and the broader crypto market to recover to previous levels because that would require “an easing central bank.”

If the central bank eases rates, liquidity will flow into the digital assets market, and crypto prices could recover.

But here is what the world is going through right now.

“Given the war in Iran, we’ve got some pretty ugly inflation prints that are going to come through the pipeline,” Novogratz said. “So I don’t think the Fed does anything but sits and watches.”

Novogratz made these comments during the conference call following Galaxy Digital reporting earnings for the first quarter of 2026 on Apr. 28.

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Galaxy Digital reported a net loss of $216 million and a negative EPS of $0.49 during Q1 2026. The company blamed the loss on the 20% depreciation of crypto prices during the quarter.

Novogratz said that though the company underperformed, it would have done worse if it hadn’t cut some positions and shifted a lot of its exposure to Hyperliquid.

Hyperliquid is a blockchain-based crypto trading platform that lets users trade perpetual futures. The platform’s contracts tied to assets like oil, gold, silver, etc., have made it immensely popular over the last few months.

HYPE, the native token of the network, has risen by 50% since Feb. 28, when the U.S. and Israel attacked Iran and oil prices came under pressure.

“We’ve been a supporter mostly because it’s got an economic model, unlike many of the other tokens, which were more association tokens,” Novogratz said.

The GLXY stock was trading rather flat at $24.90 at press time.

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This story was originally published by TheStreet on Apr 28, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.