 
 
Bitcoin’s latest record has reignited the store-of-value debate. Galaxy Digital CEO Mike Novogratz now says Bitcoin could ultimately reach $1,000,000 per coin and “replace” or overtake gold in market value.
He reiterated the view in recent broadcast interviews. Bitcoin set a fresh all-time high near $124,000 this week, while estimates put gold’s total market value around $22–23 trillion versus Bitcoin’s roughly $2.3 trillion.
Novogratz told CNBC in June 2025 that Bitcoin is on a path to replace gold and could eventually reach $1,000,000 per coin.
Multiple outlets summarized those remarks the same day. He has repeated the long-term $1,000,000 million view in subsequent interviews.
The Overtake Question
Novogratz’s claim has two parts: long-term price appreciation toward $1,000,000 million and a market-cap overtake of gold. On market cap, the math is clear.
 
With gold around $22–23 trillion and Bitcoin near $2.4 trillion, Bitcoin would need roughly a 9–10x increase in aggregate value to match gold at current gold prices.
At one Bitcoin equaling $1 million, the implied market cap would depend on circulating supply at that time; at today’s float, it would significantly exceed current levels.
Novogratz framed this trajectory as a function of accelerating adoption and macro conditions, not as a near-term forecast.
Bitcoin’s rally has coincided with friendlier U.S. policy signals and expectations for easier monetary policy. In Aug 2025, Bitcoin’s record high near $124,000 amid Fed-easing bets and rising institutional inflows.
Both assets have benefited from macro uncertainty and reserve-hedge demand, keeping the comparison front and center.
Gold’s above-ground value fluctuates with price and supply assumptions. Multiple reputable sources place it in a similar high-teens to low-twenties-trillion range; methodology differences explain the spread.
Bitcoin’s market cap also varies with price and circulating supply. The comparison assumes today’s frameworks for both assets.
Bitcoin to $1 million over time and a path to surpass gold in value. The latest data frame the challenge. Bitcoin’s market cap sits near $2.4 trillion versus gold’s $22–23 trillion .
Bitcoin just set a new high around $124,000, helped by policy shifts and institutional flows; gold remains near records amid strong central-bank and investor demand.
Source: https://zycrypto.com/novogratz-sees-bitcoin-reaching-1-million-price-and-surpassing-golds-massive-22t-valuation/