Galaxy Digital CEO Mike Novogratz predicts Bitcoin (BTC) will one day be worth a whopping $1 million for two main reasons.
In a new interview on the Schwab Network, Novogratz says Bitcoin will eventually increase 850% from its current value due to increased adoption and a weakening US dollar.
“The price moves on two metrics. One is adoption, more and more people being introduced to it. We call it orange pilling them. Somebody orange pilled Larry Fink, that was a big deal, because now he got all BlackRock engaged. In Invesco, our partners engaged, and more and more financial institutions are engaged.
The other is the macro backdrop, which I think continues to be government spending too much money.”
He also believes that younger generations will prefer investing in the top crypto asset over gold, which would send Bitcoin higher.
“And so how do I think Bitcoin can go to a million? Well, gold is roughly a $20 trillion asset, and Bitcoin is roughly a $2 trillion asset. We had Warren Buffett retire. Charlie Munger passed away. They didn’t like Bitcoin. They’re not Bitcoin people, but I bet you their grandkids are right. Kids like digital stuff. And as we have this wealth transfer from baby boomers, who are all, rest their souls, going to slowly pass away and that money gets passed down, they’re going to be more willing to buy Bitcoin than gold.”
Novogratz previously said Bitcoin has become an “institutionalized macro asset” just like gold or silver.
Bitcoin is trading for $105,270 at time of writing, down 2.3% in the last 24 hours.
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