Is Bitcoin going to one million dollars? The CEO claims that it is the ideal price to surpass gold.
According to CNBC's Power Lunch, Mike Novogratz, CEO of Galaxy Digital, believes that Bitcoin could reach one million dollars per coin if major institutions continue to bet on it. The cryptocurrency reached a weekly high of $110,290 on Tuesday. On Thursday, it dropped by 4.5% to $104,300, but it has still risen by 1.75% in the last seven days. Novogratz claims that this is not just exaggerated publicity. He points to companies that are transferring cash from dollars and gold to cryptocurrencies.
Institutional movements increase demand
BlackRock's iShares Bitcoin Trust (IBIT) was launched in January 2024 after SEC approval. Reports suggest that this fund now offers large investors a straightforward way to acquire Bitcoin without having to buy coins directly.
BlackRock manages approximately $11.6 trillion in assets. When a company of that size enters the market, others take notice. Novogratz claims that wealth managers and pension funds have started treating Bitcoin as a macro asset, on par with gold and the S&P 500
