Bitcoin At $1 Million? CEO Says It’s The Price To Beat Gold

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

According to CNBC’s Power Lunch, Galaxy Digital CEO Mike Novogratz thinks Bitcoin could climb all the way to $1 million per coin if big institutions keep piling in. The cryptocurrency hit a weekly peak of $110,290 on Tuesday. It slipped 4.5% to $104,300 by Thursday, but it’s still climbed 1.75% over the past seven days. Novogratz says this isn’t just hype. He points to firms moving cash from dollars and gold into crypto. Related Reading Bitcoin Is Just 0.2% Of Global Wealth — And That’s Why It’s Not Too Late: Analyst 15 hours ago Institutional Moves Up Demand

BlackRock’s iShares Bitcoin Trust (IBIT) went live in January 2024 after SEC approval. Based on reports, that fund now gives big investors a straightforward path to own Bitcoin without buying coins directly.

BlackRock manages about $11.6 trillion in assets. When a player that size steps in, others notice. Novogratz says wealth managers and pension funds have started treating Bitcoin like a macro asset, on par with gold and the S&P 500. Image: ESGNews Growing Corporate Interest

Treasury companies are adding Bitcoin to their balance sheets. Sovereign wealth funds have begun to follow suit. Retail investors keep buying, too, thanks to easier trading apps and ETFs like IBIT. A handful of public companies have raised millions to buy Bitcoin outright. BTCUSD trading at $104,794 on the 24-hour chart: TradingView Related Reading TRX Price Up As Tron Rolls Out The Red Carpet For Trump-Backed Stablecoin 1 day ago

According to filings, Metaplanet, the Blockchain Group, GameStop, and US President Donald Trump’s Media arm all announced major purchases this year. Their moves chip away at the 21 million-coin supply, making each remaining Bitcoin scarcer. Bitcoin Versus Gold

Bitcoin’s 21 million supply cap is hard-wired into its code. Gold, by comparison, has a market worth north of $12 trillion and sees about 1–2% new supply each year through mining.

Novogratz argues that younger investors will choose a capped digital asset over a metal bar. That switch isn’t guaranteed, but once people see Bitcoin as a store of value, its appeal could grow. At today’s $2 trillion market cap, Bitcoin has room to expand many times over if it ever rivals gold. Galaxy Digital CEO Mike Novogratz. Source: Galaxy Gives Related Reading Bitcoin To $1 Million? Michael Saylor Laughs Off Crypto Winter Fears 2 days ago Challenges Ahead

Regulators remain a wildcard. The SEC green-lit IBIT, but future rules on taxes or derivatives could slow things down. Bitcoin’s price swings make it riskier than bonds or gold. Institutions often chase stable returns, and Bitcoin pays no dividends or interest.

Finally, moving another $10 trillion into crypto would need a massive shift in asset allocations. That kind of inflow isn’t impossible, but it won’t happen overnight. Based on reports, Novogratz sees Bitcoin’s march toward gold’s market cap as a “ball rolling down a hill.” He predicts that, over time, Bitcoin will match gold and then outpace it.

Featured image from Imagen, chart from TradingView