Do Bitcoin Treasury Companies Create a Bubble?

• Mike Novogratz cautions that Bitcoin hitting $1 million in 2026.
• Novogratz says Treasury Secretary Scott Bessent isn’t cutting US debt as promised.
• He’s worried about a frenzy in Bitcoin treasury companies.

Bitcoin hit a new high of $124,128 this week, but Galaxy Digital CEO Mike Novogratz isn’t cheering for it to $1 million next year. 

Speaking on the Coin Stories podcast with Natalie Brunell on Wednesday, he said a million dollar Bitcoin in 2026 would mean the US economy is in big trouble.

He’d rather see a lower Bitcoin price and a stable country than high prices tied to economic chaos. When a country’s money loses value, people often turn to Bitcoin as a safe place to store wealth, like digital gold.

Bitcoin in a nutshell

Novogratz also talked about the US’s growing debt problem. He said President Trump’s pick for Treasury Secretary, Scott Bessent, isn’t managing to cut the debt as promised, and the deficit is only getting bigger.

                                         Bitcoin is up 99% over the past 12 months.

On top of that, Novogratz is worried about a possible bubble in Bitcoin treasury companies. Where businesses hold Bitcoin as part of their financial strategy. He said Galaxy Digital gets about five calls a week from new companies wanting to jump on this trend.

He compared it to a bubble, like when everyone, even a cab driver, starts talking about it. Other crypto people have different views. BitMEX founder Arthur Hayes predicts Bitcoin could hit $250000. And by the end of this year and maybe $1 million by 2026.

Jan3 founder Samson Mow also thinks $1 million is possible soon. But crypto analyst Wolf Of All Streets warned last year. And thats a super fast price jump might mean the world’s in bad shape. A venture capital firm, Breed, recently said only a few Bitcoin treasury companies will last, while others might crash if they’re valued too close to their assets.

With Bitcoin’s price swinging and economic worries growing, Novogratz’s cautious take reminds everyone that a huge price leap might come with bigger problems for the country.