Former Goldman Sachs partner and Galaxy Digital founder Mike Novogratz remains one of the most prominent Bitcoin bulls in finance. Novogratz has now joined the $1 million per Bitcoin (BTC) bandwagon, suggesting that the OG cryptocurrency could 10X and break that milestone if it continues to grow in popularity and surpass gold.
Novogratz Says Bitcoin Tops $1 Million If Adoption Trend Continues
Appearing on CNBC’s Power Lunch on Thursday, Mike Novogratz said he foresees a seven-figure moonshot for the premier cryptocurrency.
Novogratz’s main rationale for anticipating Bitcoin’s potential 1,000% growth is based on the crypto’s increasing institutional adoption 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 quipped. “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.”
BlackRock is perhaps the most notable example of institutional adoption of Bitcoin as a macro asset. The $11 trillion asset manager’s spot BTC exchange-traded fund has amassed approximately 3% of Bitcoin’s total supply for its clients since going live in January 2024. The iShares Bitcoin Trust currently holds more than $70 billion in assets under management.
Novogratz further suggested that the increasing adoption will ensure Bitcoin catches up with gold. According to the pundit, younger investors would buy Bitcoin over gold, with the supply-capped digital asset replacing the yellow metal over time:
“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.”
Other Seven-Figure Bitcoin Calls
Novogratz is not the first Bitcoin bull to predict that Bitcoin will appreciate significantly in value over the long term. In April, Cathie Wood’s Ark Invest raised its bull-case Bitcoin price projection to $2.4 million by 2030, up from a previous projection of $1.5 million.
BitMEX co-founder Arthur Hayes said last month that BTC could break $1 million by 2028, thanks to strong tailwinds including a likely outflow of foreign investment and devaluation of the huge stock of the US Treasury.
Strategy co-founder and Executive Chairman Michael Saylor has also, on multiple occasions, shared his thoughts on how high he thinks the price of Bitcoin could rocket to.
