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Bitcoin vs Gold: Why Mike Novogratz Believes BTC Will Be the Next Store of Value
Bitcoin vs Gold – Mike Novogratz, founder and CEO of Galaxy Digital, has joined the growing list of bullish voices predicting that Bitcoin (BTC) could hit the $1 million price mark. Speaking on CNBC’s Power Lunch Thursday, Novogratz emphasized that increased institutional adoption would propel Bitcoin past traditional safe-haven assets like gold.
Bitcoin’s Institutional Rise Accelerates
Novogratz described Bitcoin as a now institutionalized macro asset, comparable to gold, silver, and the S&P 500. He noted that waning confidence in the US dollar is pushing investors toward diversification, with Bitcoin emerging as a key beneficiary. Highlighting BlackRock’s entry into the space, he pointed to the launch of the iShares Bitcoin Trust (IBIT) fund in January 2024 as a pivotal moment that opened doors for wealth managers and institutions to increase their Bitcoin exposure.
Growing Demand from Institutional and Retail Investors
The Galaxy Digital CEO noted a surge in Bitcoin purchases from various market segments, including treasury companies, sovereign wealth funds, and retail investors. He remarked, “There’s easier ways to get it,” underlining the expanding avenues for Bitcoin acquisition.
Recent moves by public companies like Metaplanet, Blockchain Group, GameStop, and Trump Media to raise millions to buy Bitcoin underscore this trend. These purchases contribute to Bitcoin’s scarcity and enhance its appeal as a store of value.
Bitcoin to Overtake Gold Over Time
Novogratz described Bitcoin’s adoption as a “ball rolling down the hill,” predicting the digital asset will eventually rival and replace gold as the preferred store of value for the next generation of investors. He believes Bitcoin’s limited supply gives it more room for growth than gold, forecasting a tenfold increase in market capitalization.
Consensus Among Crypto Leaders
This $1 million Bitcoin price target aligns with predictions from other industry heavyweights such as Michael Saylor, Binance CEO Changpeng Zhao, and Brandon Green, who anticipate such milestones within the current bull cycle.
Bitcoin Price Update
At the time of writing, Bitcoin is trading around $104,269, down 5.5% from its recent weekly high of $110,300, yet remains up 1.48% over the past seven days, signaling ongoing market resilience amid institutional interest.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
