Bitcoin At $1 Million? CEO Says It’s The Price To Beat Gold
Mike Novogratz, CEO of Galaxy Digital, predicts Bitcoin could reach $1 million per coin if institutional investment continues. Bitcoin peaked at $110,290 but fell to $104,300, still up 1.75% over the week. Institutional demand is rising, with BlackRock’s iShares Bitcoin Trust (IBIT) launched in January 2024, providing a pathway for large investors to acquire Bitcoin. Wealth managers and pension funds are increasingly viewing Bitcoin as a macro asset alongside gold and the S&P 500. Corporations and sovereign wealth funds are adding Bitcoin to their balance sheets, contributing to its scarcity due to the 21 million supply cap. Novogratz believes younger investors may prefer Bitcoin over gold as a store of value. However, regulatory uncertainties and Bitcoin's volatility pose risks. A significant shift in asset allocation would be required for another $10 trillion to flow into crypto, but Novogratz envisions Bitcoin eventually matching and surpassing gold's market cap.
