Bitcoin will replace gold at $1,000,000, says Mike Novogratz, CEO of Galaxy Digital

Today, Galaxy Digital CEO Mike Novogratz told CNBC that Bitcoin is on the road to exchange money and could ultimately reach $1,000,000.

“Bitcoin has become a macro asset,” Novograts said. “And some of the great things are that most people have it on the screen next to gold and silver and S&P. And you remember ten years ago when people thought we were crazy. And now it’s an institutionalized macro asset… it’s just institutionalized.”

He emphasized that Bitcoin is no longer a fringe investment, but is part of the mainstream financial environment. He noted that the volatility is now considered normal compared to traditional assets.

“We’re in the Dolbear market. For the past 15 years, American exceptionalism has been a story. Europeans are broadly overweight, Asians are broadly overweight in US stocks, and we’re pretty clear about it,” he said. “Even the way Trump negotiates. And we can debate whether it’s been successful or not, but by telling people that they want Canada to be the 51st state and that they’re coming here to kiss his rear end, they don’t say, ‘Oh, I want to buy more dollars.’ ”

According to Novogratz, this global shift is pushing investors into non-dollar assets, including Bitcoin.

“I think most macro funds have had a great year,” he said. “They have short dollars, the euros are long, they are long yen, they are long Australians, long baskets of currencies.

He also pointed out the fixed supply of Bitcoin as a key factor in its increasing value.

“We don’t have Bitcoin anymore,” he said. “What’s unique about Bitcoin as an asset is that it was created with a total of 21 million coins. Period. End of the story. Nothing more. But not all of them were mined. Not my point. Most of them were lost.

Novograts believes that a wave of institutional involvement, including companies like BlackRock, solidifies the role of Bitcoin as a savings asset.

“The bull case will slowly replace gold with Bitcoin over time. So, when you look at the market capitalization of gold and the market capitalization of Bitcoin, Bitcoin has a long way to go.