Galaxy Digital CEO Mike Novogratz says a million-dollar Bitcoin next year wouldn’t be a victory but rather a sign that the US economy is in serious trouble.
“People who cheer for the million-dollar Bitcoin price next year, I was like, Guys, it only gets there if we’re in such a shitty place domestically,” Novogratz told Natalie Brunell on the Coin Stories podcast on Wednesday.
Novogratz prefers stability over soaring BTC prices
“I’d rather have a lower Bitcoin price in a more stable United States than the opposite,” Novogratz said, explaining that severe currency devaluations often come at the expense of civil society.
When a national currency falls, investors often seek alternative safe havens to protect their wealth, and Bitcoin (BTC) is frequently referred to as digital gold.
Crypto analyst Wolf Of All Streets echoed a similar sentiment in an interview with Cointelegraph Magazine in July 2023: “The faster it happens, the worse the world is.”
However, several Bitcoiners have been speculating on the possibility of a million-dollar Bitcoin by 2026. One of them is BitMEX founder Arthur Hayes, who said in October 2023 that he expects Bitcoin to be $750,000 to $1 million by then. He has recently been more vocal about his prediction of Bitcoin reaching $250,000 by the end of this year.
More recently, Jan3 founder Samson Mow told Cointelegraph Magazine in June that Bitcoin could reach $1 million “maybe this year, maybe next year.”
Novogratz says Scott Bessent “is failing”
Novogratz also voiced concerns over the US’ ongoing debt issues. He suggested that US President Donald Trump’s decision to bring on Treasury Secretary Scott Bessent has not had the anticipated outcome.
“As much as I like Scott Bessent and I think he meant everything he said, he’s failing at bending debt to GDP,” Novogratz said.
“The deficit is going to be higher, not lower,” he added.
Novogratz is nervous about the Bitcoin treasury play
Novogratz warned that the growing adoption by Bitcoin treasury companies could be turning into a bubble.
“I’m a little nervous in general that there is what feels like a frenzy,” he said, revealing that Galaxy Digital receives approximately five calls weekly from new companies adopting the asset on the balance sheet.
“At one point, that’s what bubbles feel like, when the cab driver asks you about the balance sheet company,” he said.
It came only a couple of months after the venture capital (VC) firm Breed shared similar concerns.
Breed argued a few Bitcoin treasury companies will stand the test of time and avoid the vicious “death spiral” that will impact BTC holding companies that trade close to net asset value (NAV).