Galaxy Digital Ceo Mike Novogratz says Bitcoin will replace gold and get $1,000,000
Today, Galaxy Digital CEO Mike Novogratz told CNBC that Bitcoin is on the road to replacing gold, potentially ending up at a value of $1 million.
“Bitcoin has become a macro asset,” Novogratz said. “There are some great things that most people put on the screen next to gold and silver.
He stressed that Bitcoin is no longer a marginal investment, but a part of the mainstream financial landscape. He noted that its volatility is now considered normal compared to traditional assets.
“We are a bear market for the dollar. The American exceptionalism has been the story for the past 15 years. Europeans are widely overweight, Asians are widely overweight in U.S. stocks, and we have a government that wants weaker dollars. They are very clear about that,” he said. “Even in the way Trump negotiates. You can argue whether it was successful or not, but telling Canada they want to be the 51st state and telling people they come here to kiss his backend, that doesn’t make people say, ‘Oh, I want to buy more dollars.
According to Novogratz, this global shift is pushing investors to assets outside the dollar, including Bitcoin.
“I think most macro funds are in a great year,” he said. “Their dollar is short, they are long, the euro is long, their yen is long, they are long, they are Australian, they are a basket of currencies. Well, Bitcoin, gold, silver, platinum, they all fall into the category with not the US dollar.”
He also pointed out that the fixed supply of Bitcoin is a key factor in its growing value.
“There is no more Bitcoin,” he said. “What’s unique about Bitcoin as an asset is that it’s created with 21 million coins. The end of the period. The end of the story. There will never be more. But, not all of this has been mined, which is what I mean. Not most people are missing. Lost a lot. Bitcoin is lost, lost than the remaining eternal sale.”
Novogratz believes that the influx of institutional participation by companies including BlackRock is consolidating the role of Bitcoin as a savings asset.
“As time passed, the Bull case became…Gold was slowly replaced by Bitcoin. [is] $1,000,000 Bitcoin is just where gold is. ”
