Mike Novogrates, CEO of Galaxy Digital, says that next year a million-dollar bitcoin will not be a win, but an indication that the American economy is in serious trouble.
“People who are happy for the price of million-dollars bitcoin next year, I preferred, friends, it gets there only when we are domesticly in such a shiny place,” novogratz told Natalie Brunel on the Coin Stories Podcast on Wednesday.
Novogratz prefers stability at BTC prices
“I contrast the price of more stable bitcoins in the United States,” Novogrates said.
When a national currency falls, investors often seek alternative safe havens to protect their money, and bitcoin (BTC) is often referred to as digital gold.
Crypto analyst Wolf of All Streets echoed a similar feeling in an interview with Coinlagraph magazine in July 2023: “It is fast, the worse as the world.”
However, many bitcoins are estimating the possibility of a million-dollars bitcoin by 2026. One of them is Arthur Hayes, the founder of Bitmex, who said in October 2023 that he hopes that bitcoin would be $ 750,000 to $ 1 million by then. He has recently been more vocal about his prediction of bitcoin by the end of this year.
Recently, JAN3 founder Samson Mow told Cointelegraph Magazine in June that bitcoin could reach $ 1 million “probably this year, probably next year.”
Novogratz says Scott Besant “failed”
Novogrates also expressed concern over America’s ongoing loan issues. He suggested that US President Donald Trump’s decision to bring Treasury Secretary Scott Besant did not have anticipated result.
“As much as I like Scott Besant and I think they mean what he said, it fails to bow down for GDP,” Novograte said.
“The deficit is going to be more, not less,” he said.
Novogratz is nervous about bitcoin treasury play
Novogratz warned that bitcoin can transform into bubbles by increasing adoption by treasury companies.
“I normally feel like a frenzy that is a little nervous,” he said, Galaxy Digital receives about five calls weekly from new companies that adopt the property on the balance sheet.
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“At one point, the same bubbles feel when the cab driver asks you about the balance sheet company,” he said.
The venture Capital (VC) firm breed came a few months after a few months after sharing similar concerns.
Breed argued that some bitcoin treasury companies would stand on the test of time and avoid vicious “Death Spiils” that would affect BTC holding companies that trade close to Net Asset Value (NAV).
magazine: As a decline of supply as $ 6k, as a legal saga of Justin Sun: Hodller’s Digest, 10 August – 16
