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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin At $1 Million? CEO Says It’s The Price To Beat Gold

Christian Encila
Christian Encila
1 month ago
3 mins read
Bitcoin

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Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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According to CNBC’s Power Lunch, Galaxy Digital CEO Mike Novogratz thinks Bitcoin could climb all the way to $1 million per coin if big institutions keep piling in. The cryptocurrency hit a weekly peak of $110,290 on Tuesday. It slipped 4.5% to $104,300 by Thursday, but it’s still climbed 1.75% over the past seven days. Novogratz says this isn’t just hype. He points to firms moving cash from dollars and gold into crypto.

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Institutional Moves Up Demand

BlackRock’s iShares Bitcoin Trust (IBIT) went live in January 2024 after SEC approval. Based on reports, that fund now gives big investors a straightforward path to own Bitcoin without buying coins directly.

BlackRock manages about $11.6 trillion in assets. When a player that size steps in, others notice. Novogratz says wealth managers and pension funds have started treating Bitcoin like a macro asset, on par with gold and the S&P 500.

Image: ESGNews

Growing Corporate Interest

Treasury companies are adding Bitcoin to their balance sheets. Sovereign wealth funds have begun to follow suit. Retail investors keep buying, too, thanks to easier trading apps and ETFs like IBIT. A handful of public companies have raised millions to buy Bitcoin outright.

BTCUSD trading at $104,794 on the 24-hour chart: TradingView

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According to filings, Metaplanet, the Blockchain Group, GameStop, and US President Donald Trump’s Media arm all announced major purchases this year. Their moves chip away at the 21 million-coin supply, making each remaining Bitcoin scarcer.

Bitcoin Versus Gold

Bitcoin’s 21 million supply cap is hard-wired into its code. Gold, by comparison, has a market worth north of $12 trillion and sees about 1–2% new supply each year through mining.

Novogratz argues that younger investors will choose a capped digital asset over a metal bar. That switch isn’t guaranteed, but once people see Bitcoin as a store of value, its appeal could grow. At today’s $2 trillion market cap, Bitcoin has room to expand many times over if it ever rivals gold.

Galaxy Digital CEO Mike Novogratz. Source: Galaxy Gives

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Challenges Ahead

Regulators remain a wildcard. The SEC green-lit IBIT, but future rules on taxes or derivatives could slow things down. Bitcoin’s price swings make it riskier than bonds or gold. Institutions often chase stable returns, and Bitcoin pays no dividends or interest.

Finally, moving another $10 trillion into crypto would need a massive shift in asset allocations. That kind of inflow isn’t impossible, but it won’t happen overnight. Based on reports, Novogratz sees Bitcoin’s march toward gold’s market cap as a “ball rolling down a hill.” He predicts that, over time, Bitcoin will match gold and then outpace it.

Featured image from Imagen, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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