Famous billionaire Mike Novogratz stated that Bitcoin (BTC) could replace gold, increasing its value tenfold in the long term, and the price could reach 1 million dollars.
Galaxy Digital CEO Novogratz, in a statement to CNBC, noted that Bitcoin is being embraced as an asset that could potentially replace gold over time, emphasizing that the younger generation's preference for Bitcoin over gold could significantly increase the price of the cryptocurrency.
Bitcoin's current market value has exceeded approximately 2 trillion dollars, and according to Novogratz, it still has a long way to go to catch up with gold's current market value. If this scenario materializes, the price of Bitcoin could increase tenfold to reach 1 million dollars.
Cathie Wood, one of the prominent figures known for high price expectations in the crypto market, also painted an optimistic picture for Bitcoin in recent months, raising her price prediction to 2.4 million dollars for the year 2030. Similarly, Michael Saylor has repeatedly expressed that the price of Bitcoin could rise to much higher levels.
The foundation of Novogratz's belief in Bitcoin lies in the widespread adoption occurring on a macro level. The rapidly increasing interest in Bitcoin from large corporate treasury funds, sovereign wealth funds, and individual investors is strengthening the positive pressure on the price. Especially large institutional funds like BlackRock have become significant players in the market by increasing their investments in Bitcoin. The total value of the assets held by BlackRock’s Bitcoin spot ETF is currently around 70 billion dollars.
Bitcoin is currently trading at approximately 106,210 dollars and has gained over 50% in value over the past year. Galaxy Digital, of which Novogratz is the CEO, is also known for its Bitcoin investments and holds approximately 12,830 BTC worth around 1 billion dollars.
