Galaxy’s Steve Kurz sees ‘great convergence’ driving crypto’s long-term outlook

The firm's asset-management chief says the recent crypto selloff reflects healthy deleveraging, while infrastructure growth and institutional adoption support a bullish outlook. What to know : Recent declines in crypto were driven by liquidity and leverage unwinds, not systemic failure, marking a more mature cycle than 2022, with most forced selling likely behind the market, according to Galaxy Digital's Steve Kurz. Stablecoins, tokenization and blockchain integration with traditional finance are accelerating, positioning crypto as both a financial asset and core financial rail. Kurz said he does not expect a V-shaped recovery, but sees range-bound trading followed by gradual gains as institutional capital deepens and the “great convergence” between crypto and traditional finance continues.