Bitcoin to $1 Million, Surpassing Gold, Mike Novogratz Predicts But Here’s Big Catch

Mike Novogratz, a former Goldman Sachs partner, and the founder of Galaxy Digital, took part in the Coin Stories podcast hosted by Natalie Brunel recently. In it, Novogratz shared his take on the prospects of Bitcoin reaching $1,000,000 in the future.

However, he warned that if Bitcoin does get to $1 million, things will certainly turn bad for the U.S.

Bitcoin will reach $1 million but here’s catch, per Novogratz

Novogratz agreed with the podcast host that there is a strong probability that Bitcoin will eventually reach $1 million. However, he said that this would only be possible if the U.S. government continues printing money, as it keeps spending more than it can afford and the U.S. national debt continues to grow rapidly.

In this case, Novogratz believes, the U.S. dollar will be completely debased and the economy will be ruined like it has happened to some poor countries suffering from hyperinflation. He told the host that nobody would want to live in such a country. Therefore, he would prefer a lower Bitcoin price but the U.S. with a stable and high-performing economy.

In light of all this, Novogratz said, “I think we will get to a million. I just hope we get there slowly.”

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Novogratz admires Saylor’s Bitcoin approach

Novogratz also said he admired the success of Bitcoin treasury companies and that of Strategy in particular. Before Strategy began raising funds from institutional investors successfully, Novogratz said he expected institutions to come in through ETFs or buy Bitcoin directly via Coinbase or perhaps using over-the-counter trading brokers, like his Galaxy Digital.

However, now, Novogratz stated, Saylor has turned Strategy into a sort of crypto too since institutions are often investing not just in Bitcoin through it but in Strategy itself since it has become a new brand in the Bitcoin world.