Today Galaxy told Digital CEO Mike Novogratz CNBC That Bitcoin is on a path to replace gold and could eventually reach a value of $ 1,000,000.
“Bitcoin has become a macro -active,” said Novogratz. “And some of the great things are that most people have it on their screens next to gold and silver and the S&P. And you think back ten years ago when people thought we were crazy. And now it is an institutionalized macro -activa … it is simply institutionalized.”
He emphasized that Bitcoin is no longer a border investment, but part of the regular financial landscape. He pointed out that its volatility is now seen as normal compared to traditional assets.
“We are in a dollar bear market. Over the past 15 years, Americanism has been the story. Europeans were wide overweight and Asians The American shares that are a lot overweight and we have an administration that wants a weaker dollar. They are pretty clear,” he said. “Even as Trump is negotiating. And you can claim whether it is successful or not successful, but by telling Canada that they want to be the 51st state and tell people that they come here to kiss his back, it doesn’t cause people to say:” Oh, I want to buy more dollars. “
According to Novogratz, this global shift pushes investors to assets outside the dollar, including Bitcoin.
“I think most macro funds have a great year,” he said. “They are briefly the dollar, they are the euro for a long time, they are the yen for a long time, they are long aussie, they have long been a basket with currency. Well, bitcoin, gold, silver, platinum, they all fall into the same category as something that is not the dollar.”
He also pointed to Bitcoin’s solid food as a key factor behind the growing value.
“There is no more Bitcoin,” he said. “What is unique about Bitcoin if an active thing is that it is made with 21 million coins in total. Period. There will never be more than that. But not all those who have been mined is. Not most of them. Many of them have been lost.
Novogratz believes that the wave of institutional involvement, including companies such as BlackRock, confirms the role of Bitcoin as savingsactive.
“The bull’s cupboard will be that over time … Gold is slowly replaced by Bitcoin. And so if you look at the market capitalization of Gold and Bitcoin, Bitcoin still has a long way to go. Correct? 10x. And so that [is] $ 1,000,000 a bitcoin to be where gold is. “