Galaxy Digital’s Mike Novogratz has become the latest notable to predict that Bitcoin will rise to $1 million. He thinks that institutional adoption will push the cryptocurrency past gold. Novogratz touts Bitcoin’s emergence as the 21st century’s macro asset super-class. Now it has gained equal footing with traditional assets such as gold, silver, and the S&P 500. Bitcoin, on the other hand, is experiencing a larger weekly correction from its high. Its price right now is $104,269—5.5% downward from Tuesday, but 1.48% higher than the beginning of the week.

Novogratz highlighted that a key factor driving Bitcoin's growing appeal is the global decline in confidence in the U.S. dollar. Increasing diversification into new assets like Bitcoin has been the single biggest factor in its growing popularity. Nico sees Bitcoin’s adoption as a crucial means of financial preservation. He compares the operation to a “ball rolling down the hill,” saying that if nothing else, it’s about to become competitive with gold.

Institutional Investment Fuels Bitcoin's Ascent

Looking back at the past week, Novogratz did highlight one major trend – the embrace of Bitcoin. Wealth managers and institutions, spurred on by BlackRock’s power, began pouring tons of wealth into this macro asset. BlackRock’s assets under management are nothing to sneeze at either, weighing in at $11.5 trillion. In anticipation of this approval, back in January 2024 the company already listed its iShares Bitcoin Trust (IBIT) fund.

Now we’ve got all these treasury companies buying Bitcoin, we’ve got sovereign wealth buying Bitcoin, we’ve got retail investors buying Bitcoin; there’s easier ways to get it. - Mike Novogratz

This new wave of institutional money has helped to legitimize Bitcoin even more in the eyes of traditional investors.

Bitcoin's Trajectory Mirrors Gold's Safe-Haven Status

Novogratz’s prediction fits a larger story that Bitcoin is turning into a digital safe haven, like gold. Under these circumstances, investors are more than ever actively seeking alternatives to traditional currencies and asset classes. Bitcoin specifically is particularly appealing because of its decentralized nature and capped supply.

While far from guaranteed, Bitcoin’s rising correlation with macroeconomic trends and its rapidly rising acceptance among institutional players bolster this view. The analogy to gold makes clear Bitcoin’s ability to serve as a trusted store of value. It further cements Bitcoin’s status as an undeniable hedge against economic uncertainty.

A Growing Consensus on Bitcoin's Million-Dollar Future

As Novogratz isn’t the first to be bullish on Bitcoin so he’s hardly alone. Michael Saylor, Changpeng Zhao of Binance, and Brandon Green have all predicted Bitcoin will eventually hit $1 million as well. This collaborative prediction is indicative of the widespread optimism taking hold over Bitcoin’s long-term value and potential to revolutionize existing financial infrastructures.

Powerful voices are uniting on the topic, enhancing the legitimacy of Bitcoin’s promise. Supporters of the law are convinced it can get to new, historic heights in the next few years. They ground their forecasts in the mainstreaming adoption of Bitcoin. They think deeply about technological advancement and its distinct value add in today’s rapidly changing global economy.