Crypto is no longer just a speculative asset class; it is rapidly evolving into essential financial infrastructure, according to Steve Kurz, Global Head of Asset Management and Co-Head of Digital Assets at Galaxy Digital (GLXY). In Galaxy’s 2026 investment outlook, titled “The Great Convergence,” Kurz outlines a pragmatic yet optimistic vision for the future of digital assets and blockchain technology.
Kurz argues that this market cycle is defined by the transformation of crypto from a standalone asset into integrated financial infrastructure. The convergence of traditional finance and blockchain-based systems represents a lasting structural shift in global financial services. While cryptocurrency prices have recently pulled back, many positive developments — such as improved market architecture, institutional adoption, and infrastructure expansion — have occurred at higher price levels. This disconnect, he suggests, reflects a liquidity and leverage cycle rather than systemic weakness.
Unlike the 2022 crypto crash, the recent deleveraging event exposed fewer structural flaws. Today’s digital asset market features more advanced trading instruments, stronger custody solutions, and better risk management frameworks. Kurz expects a period of consolidation, with range-bound trading in the near term, followed by gradual recovery into the second half of the year rather than a sharp V-shaped rebound.
A key theme in Galaxy’s outlook is the growing integration of crypto into Wall Street’s financial plumbing. Stablecoins, tokenization, digital payments, and public blockchains are increasingly viewed as institutional-grade infrastructure. While price appreciation may lag, the expansion of crypto infrastructure — including compliance systems, bank integrations, and fintech partnerships — supports long-term value creation.
Bitcoin (BTC), currently trading near $69,815, remains a macro-sensitive asset, often acting as an early indicator of broader market risk trends. As crypto becomes more intertwined with global liquidity cycles, it competes directly with traditional assets like gold and emerging technologies for capital allocation.
With $12 billion in assets on its platform, Galaxy Digital continues expanding across trading, asset management, venture investing, and fintech hedge funds. Kurz describes this period as “Fintech 2.0,” positioning Galaxy to capitalize on the long-term convergence of crypto assets and financial infrastructure.
