Key Takeaways
- Mike Novogratz predicts bitcoin could reach $1 million if adoption trends persist.
- Institutional players like BlackRock now hold about 3% of bitcoin's total supply via ETFs.
- Bitcoin's price has surged over 50% in the past year, with a current market cap above $2 trillion.
Mike Novogratz, founder and CEO of Galaxy Digital, stated in a Thursday interview that bitcoin could eventually replace gold as a leading store of wealth, which could propel its price to $1 million.
“The bull case becomes that over time young people care about it more than old people so gold slowly gets replaced by Bitcoin.”
“If you look at gold’s market cap and Bitcoin’s market cap, Bitcoin has a long way to go, 10x, and so that’s $1 million Bitcoin just to be where gold is.”
Institutional and retail adoption accelerating
Novogratz pointed to broadening adoption as a major driver for bitcoin’s potential price surge. He cited increased investment from treasury companies, sovereign wealth funds, and retail investors, as well as easier access to bitcoin.
“So the adoption of Bitcoin as a macro asset, as an asset to save money in, I think that’s now a ball rolling down hill.”
One example is BlackRock’s spot bitcoin ETF, which has gathered over $70 billion in assets and now holds about 3% of bitcoin’s total supply as of April.
Market context and Galaxy’s position
Bitcoin is currently trading around $106,210, slightly below its all-time high of over $111,000. Over the past year, the price has increased by more than 50%, and bitcoin’s market capitalization now exceeds $2 trillion.
Galaxy Asset Management, part of Novogratz’s firm, raised $113 million last year for a venture fund focused on early-stage bitcoin companies and operates a Texas mining facility with an estimated 12,830 BTC valued at over $1 billion.
Other bullish forecasts include Ark Invest’s projection of $2.4 million per bitcoin by 2030 and Michael Saylor’s repeated endorsements of significant price appreciation.
