Galaxy Digital CEO Mike Novogratz says next year’s $1 million Bitcoin is not a victory, but a sign that the US economy is suffering from serious problems.
“The people who support the price of next year’s million-dollar Bitcoin were like they would only get there if we were in such a silly place in the country,” Novograts told Natalie Brunel on Wednesday’s Coin Story podcast.
Novograts prefer stability over rising BTC prices
“I rather have a lower price for more stable Bitcoin in the US than it is stable,” Novograts said, explaining that serious currency devaluations often come at the expense of civil society.
When a country’s currency drops, investors often seek alternative, safe shelters to protect their wealth, and Bitcoin (BTC) is often referred to as digital gold.
Mike Novogratz of Galaxy Digital spoke to Coin Stories host Natalie Brunell this week. sauce: Natalie Brunel
Wolf from Crypto Analyst All Streets repeated similar sentiments in a July 2023 interview with Cointelegraph Magazine.
However, some Bitcoiners have speculated that a million dollars of Bitcoin could be by 2026. One of them is Arthur Hayes, founder of Bitmex, who expects Bitcoin to go from $750,000 to $1 million in October 2023. He recently spoke out more about his prediction that Bitcoin will reach $250,000 by the end of this year.
Recently, Jan3 founder Samson Mow told Cointelegraph Magazine in June that Bitcoin could reach “maybe next year, maybe this year.”
Novograts says Scott Bescent is “failing”
Novograts also expressed concern over the US’s ongoing debt issue. He suggested that President Donald Trump’s decision to trigger Treasury Secretary Scott Bescent had no expected outcome.
Bitcoin has risen 99% over the past 12 months. sauce: coinmarketcap
“I like Scott Becent and I think it means everything he said.
“The deficit will be higher, not lower,” he added.
Novograts are nervous about Bitcoin’s Treasury play
Novograts warned that widening adoption by Bitcoin finance companies could turn into a bubble.
“In general, I’m a bit nervous, but there are things that feel like a frenzy,” he said, revealing that Galaxy Digital receives about five calls each week from new companies employing assets.
“At one point, when a taxi driver asks you about the balance sheet company, that’s how Bubbles feels,” he said.
It came just a few months after venture capital (VC) companies shared similar concerns.
Breed claimed that several Bitcoin finance companies will stand the test of time and avoid the vicious “death spiral” that will affect BTC holding companies that approach the net asset value (NAV).
