During a recent appearance on Schwab Network, Galaxy CEO Mike Novogratz predicted that Bitcoin could potentially surge to $1 million.
Novogratz has explained that gold is roughly a $20 trillion asset while Bitcoin remains a $2 trillion asset.
Bitcoin, according to the crypto mogul, will see greater adoption among younger investors.
“We had Warren Buffett retire. Charlie Munger passed away. They didn’t like Bitcoin. They are not Bitcoin people, but I bet their grandkids are,” Novogratz said.
The crypto billionaire believes that there is an ongoing wealth transfer from baby boomers, the generation born between 1946 and 1964, to younger generations.
The prominent American investor first started buying Bitcoin back in 2013.
Fortress’s macro hedge fund, which was led by Novogratz, collapsed in 2015 due to being exposed to the Swiss franc and Brazllinas assets. Following the fund’s closure, Novogratz launched crypto firm Galaxy Digital in 2017.
The crypto bet paid off massively, and the net worth of the American investor is now estimated to be around $4.4 billion.
As reported by U.Today, Novogratz previously predicted that gold might end up getting eclipsed by Bitcoin within the next eight years.
Last month, he predicted that the cryptocurrency could spike to $150,000 in the near future.
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