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Mike Novogratz, CEO of Galaxy Digital, believes Bitcoin could eventually reach a $1 million valuation. He shared his views in a recent Schwab Network interview, explaining that a combination of growing adoption and macroeconomic trends could drive that long-term price target.
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According to Novogratz, two main factors influence Bitcoin’s growth: wider adoption and weakening confidence in fiat currencies, especially the US dollar. He referred to institutional involvement as a turning point. “Somebody orange pilled Larry Fink, that was a big deal, because now he got all BlackRock engaged,” he said. He also mentioned Invesco as another key player now in the crypto space.
He explained that broader exposure is pushing more traditional finance firms to consider Bitcoin. As interest grows, he believes the market will follow. “The price moves on two metrics. One is adoption, more and more people being introduced to it,” he said.
Novogratz also highlighted long-term generational shifts. As baby boomers pass down their wealth, he thinks younger heirs will likely favor Bitcoin over gold. “Gold is roughly a $20 trillion asset, and Bitcoin is roughly a $2 trillion asset,” he said. “Kids like digital stuff.”
He believes that preference for digital assets over traditional stores of value like gold will shape the future. The passing of figures like Charlie Munger and Warren Buffett, both known for their skepticism toward Bitcoin, marks a generational shift, he noted.
In past comments, Novogratz has called Bitcoin an “institutionalized macro asset,” placing it in the same category as gold or silver. For him, Bitcoin’s position in the global financial system is no longer a question of if—but how far it will go.