Mike Novogratz, founder of Galaxy Digital and former Goldman Sachs partner, stands out again as one of the biggest Bitcoin bulls. He claims that the leading cryptocurrency could reach a value of $1 million if the current trend of growing popularity continues.
Novogratz's $1 Million Prediction for Bitcoin
On CNBC, Mike Novogratz shared that he anticipates a meteoric rise in Bitcoin's price to a seven-figure sum. His primary reason for such a prediction lies in the increasing institutional adoption of Bitcoin as a macro asset.
'Now we’ve got all these treasury companies buying Bitcoin, we’ve got sovereign wealth buying Bitcoin, we’ve got retail investors buying Bitcoin. There’s easier ways to get it,’ he remarked.
Institutional Support for Bitcoin
Novogratz also pointed to instances of institutional interest in Bitcoin, including the firm BlackRock. The $11 trillion asset manager launched its spot Bitcoin ETF, which has amassed approximately 3% of Bitcoin’s total supply for its clients since going live in January 2024. The iShares Bitcoin Trust currently holds over $70 billion in assets under management.
Other Million-Dollar Bitcoin Predictions
Other experts have also expressed optimistic forecasts regarding Bitcoin's significant price appreciation. For instance, Cathie Wood’s Ark Invest raised its bullish Bitcoin price estimate to $2.4 million by 2030. Additionally, BitMEX co-founder Arthur Hayes stated that Bitcoin could reach $1 million by 2028. He attributes this to anticipated foreign investment outflows and the devaluation of the large stock of U.S. Treasury bonds.
Thus, the optimism expressed by Novogratz and other experts demonstrates the growing interest in Bitcoin as an investment tool. With increasing institutional demand and changes in financial markets, the future of the cryptocurrency may be promising.
