“Bitcoin rate can rise to 1 million dollars,” says Novogratz

The adoption of Bitcoin (BTC) by institutional investors is growing rapidly. According to Mike Novogratz, CEO of Investment Company Galaxy Digital, this is an important reason why the market value of BTC can compete with that of gold in the long term. He predicts that the Bitcoin rate can ultimately rise to 1 million dollars per coin.

From retail to state fund: everyone buys Bitcoin

In an interview with CNBC, Novogratz emphasized on Thursday that Bitcoin is developing into a fully -fledged macro asset, similar to gold and the S&P 500. “Everyone buys Bitcoin,” said the investor. “From retail investors to asset managers and state funds.”

According to him, Bitcoin is becoming more attractive now that confidence in the US dollar is decreasing. Investors are looking for alternatives to protect their assets, and BTC appears to be increasingly preferred to gold.

A crucial catalyst in this development is the accession of BlackRock. The largest asset manager in the world launched the Ishares Bitcoin Trust (IBIT) at the beginning of 2024, a spot ETF that considerably facilitates the entry for large parties. “Blackrock provided a tipping point,” said Novogratz.

Bitcoin purchasing by companies continues to increase

Despite a recent decrease in the bitcoin price to $ 104,469 – a decrease of 5.3 percent compared to the peak earlier this week – the sentiment remains positive. BTC achieved an increase of 1.15 percent over the past seven days.

According to Novogratz, it is only a matter of time before Bitcoin approaches the market capitalization of gold. “Young generations choose Bitcoin, not gold,” he said.

The trend is reinforced by companies such as Metaplanet and Blockchain Group, which recently picked up millions of to buy BTC. Gamestop also wants to use $ 1.75 billion for the purchase of Bitcoin. They follow the example of Strategy, which structurally adds BTC to its balance.

Analysts point out that these large -scale purchases contribute to Bitcoin’s scarcity. According to them, that increasing scarcity increases the attractiveness of digital gold as a value storage.