Open Book with Anthony Scaramucci Crypto Collapse, AI Job Apocalypse & The End of Dollar Dominance
Feb 7, 2026
Michael Novogratz, founder and CEO of Galaxy Digital and longtime macro and crypto investor, breaks down recent crypto turmoil, political and regulatory pressures, and market mechanics. He discusses AI-driven job disruption and corporate margin shifts. The conversation also explores capital flows, dollar dominance risks, and where investors might seek refuge as markets rotate.
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De-Globalization Is More Rhetoric Than Reality
- Anthony Scaramucci and Michael Novogratz argue full de-globalization is impossible given entrenched supply chains.
- They say U.S. tariffs and tough trade posture push other countries to pivot away from the U.S.
Crypto Sell-Off Was A Cascade, Not A Single Cause
- Michael Novogratz describes the crypto crash as a seller cascade amplified by high-profile selling.
- He says quantum and political headlines were used as excuses, not root causes.
Expect A Tradable Crypto Bottom, Not A Quick Rally
- Novogratz recommends cautious position sizing after sharp crypto drawdowns and expects a tradable bottom.
- He warns volumes may fade for months and markets could trade in a quiet range.