Trading King

08/17 08:34

Mike Novogratz: Bitcoin Hitting $1 Million in 2026

Mike Novogratz: Bitcoin Hitting $1 Million in 2026 Would Spell Trouble

"People who are cheering for Bitcoin to hit $1 million next year, I think, 'Guys, Bitcoin can only get there if the situation is this bad domestically,'" Novogratz told Natalie Brunell on the Coin Stories podcast on Wednesday.

Novogratz prioritizes stability over a surge in Bitcoin prices.

"I'd rather have a more stable America with a lower Bitcoin price than the opposite," Novogratz said, explaining that severe currency devaluations often come at the expense of civil society.

 When a country’s currency falls, investors often seek other safe havens to protect their wealth, and Bitcoin

 BTC

 $118,160

 Often referred to as digital gold.

 Cryptocurrency analyst Wolf Of All Streets expressed a similar sentiment in an interview with Cointelegraph magazine in July 2023: “The faster this happens, the worse the world will be.”

 However, some Bitcoin enthusiasts have been speculating that Bitcoin could reach a million-dollar price by 2026.  One of them said in October 2023 that he expected the price of Bitcoin to reach $750,000 to $1 million by then.  Recently, he has been more outspoken in predicting that Bitcoin will reach $250,000 by the end of the year.

 More recently, Jan3 founder Samson Mow told Cointelegraph in a June interview that Bitcoin could reach $1 million “possibly this year, possibly next year.”

Novogratz Calls Scott Bessant a “Failure”

Novogratz also expressed concern about the United States’ ongoing debt problems. He suggested that President Donald Trump’s decision to appoint Scott Bessant as Treasury Secretary has not had the desired effect.

“While I like Scott Bessant and I think he means what he says, he hasn’t done a good enough job of balancing the debt-to-GDP ratio,” Novogratz said.

 He added: "Deficits are going to be higher, not lower."

Novogratz Has Concerns About Bitcoin Money Management

Novogratz warned that the growing adoption of Bitcoin money management firms could turn into a bubble.

"Overall, I'm a little concerned that there's a sense of mania right now," he said, revealing that Galaxy Digital receives about five calls a week from new companies that are adding Bitcoin to their balance sheets.

"Sometimes, when taxi drivers ask about this balance sheet firm, it feels like a bubble," he said.

Just a few months ago, venture capital firm Breed expressed similar concerns.

 Breed believes some Bitcoin money managers will withstand the test of time and avoid falling into a vicious "death spiral" that affects firms holding BTC that trade close to their net asset value (NAV).

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