The Pomp Podcast The Real Reason Bitcoin Stopped Going Up | Mike Novogratz
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Feb 18, 2026 
Mike Novogratz, founder and CEO of Galaxy and veteran macro investor, shares big-picture views on shifting reserve currency dynamics and why investing has gotten harder. He discusses bitcoin’s recent pullback and market mechanics. He also explores AI, energy, tokenization, regulation, and how these forces could shape the next market cycle.
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No Single Reserve Currency Ahead
- The world is moving toward a period without a single dominant reserve currency.
- That creates demand for alternative stores of value and global asset baskets, not just one replacement.
Rotate Into Undervalued Global Markets
- Shift exposures when macro regimes change by going short concentrated U.S. mega-caps and long undervalued global markets.
- Monitor recent outperformance in Korea, Japan, Europe as signs the trade is working.
AI Could Keep Consumer Inflation Low
- AI and productivity gains can lower consumer inflation even as money supply grows.
- Lower consumer inflation supports prolonged low rates and drives asset price appreciation.