Galaxy Digital CEO Mike Novogratz says early Bitcoin investors are increasingly taking profits, a trend he views as a sign that the once-dominant “HODL” culture is beginning to fade.

Speaking during Galaxy’s earnings call on Tuesday, Novogratz dismissed growing fears that quantum computing poses a serious near-term threat to Bitcoin, suggesting the concern is often being used as a justification for selling rather than a reflection of technological reality.

“Quantum has become the big excuse for people,” Novogratz said. While acknowledging that quantum computing could eventually reshape global security systems, he argued that Bitcoin will be able 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.”

Anxieties around quantum computing and Bitcoin’s encryption have intensified in recent months. Last month, Jefferies’ global head of equity strategy Christopher Wood removed a 10% Bitcoin allocation from his model portfolio, citing quantum-related risks. Coinbase has also warned that quantum computing could represent a long-term challenge for the cryptocurrency market, while the Ethereum Foundation this month elevated post-quantum security to a strategic priority by forming a dedicated team.

Despite the rising attention, Novogratz emphasized that quantum technology remains in its early stages and that Bitcoin’s open-source framework allows it to evolve as needed. “As we get closer to quantum, we’ll also get closer to quantum-resistant,” he said, adding that changes to Bitcoin’s code would be implemented well before any real threat materializes.

Some Bitcoin developers agree, noting that computers capable of breaking Bitcoin’s cryptography do not exist today and are unlikely to for decades. Even so, the debate has unsettled certain investors, particularly those focused on Bitcoin’s long-term role as a store of value.

OG investors cash out

Novogratz also addressed questions around whether long-term Bitcoin holders, often referred to as “OGs,” are selling their holdings.

The issue gained traction last year after Galaxy disclosed it had facilitated the sale of more than 80,000 bitcoin—worth 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 driven by estate planning considerations.

That sale reignited debate over whether early adopters, long known for holding through extreme volatility, are starting to reassess their commitment. Novogratz said profit-taking among these investors is real and tends to accelerate once it begins.

“Once you start selling, it becomes a cycle,” he said. “You sell a little more, and it becomes very hard to keep HODLing.”

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