In a recent interview, Mike Novogratz, CEO of Galaxy Digital, shared his thoughts on the current state of Bitcoin and its potential future. He expressed concerns that Bitcoin reaching $1 million in 2026 could indicate serious problems within the US economy.
Bitcoin Predictions and Economic State
This past week, Bitcoin hit an all-time high of $124,128, but Mike Novogratz does not view this as a reason for optimism. In an interview on the Coin Stories podcast, he stated that a price of $1 million in 2026 might suggest a dire state of the US economy, adding: 'I’d rather see a lower Bitcoin price and a stable country than high prices tied to economic chaos.'
US Debt Issues
Novogratz also discussed the growing problem of US national debt. He noted that Treasury Secretary Scott Bessent, appointed by President Trump, has not managed to cut the debt as promised, and the deficit continues to widen. This situation raises additional concerns for investors and experts.
Concerns About Bitcoin Treasury Companies Bubble
Additionally, Novogratz expressed concerns about a potential bubble in companies that hold Bitcoin as part of their financial strategy. He pointed out that Galaxy Digital receives about five calls a week from new companies wanting to jump on this trend, comparing it to a bubble: 'When everyone, even a cab driver, starts talking about it, that’s a signal of trouble.'
Mike Novogratz's statements highlight the need for caution regarding Bitcoin's price fluctuations and the economic factors that may underlie them. While other experts predict a rise to $250,000 and even $1 million, such forecasts may hide serious economic problems.
