Bitcoin Could 10X to $1 Million, Says Galaxy Digital CEO Mike Novogratz

In a June 13 interview with CNBC, Novogratz laid out his long-term bullish thesis for Bitcoin, comparing its trajectory to that of gold.

Bitcoin as Digital Gold: A Generational Shif

“The bull case becomes that over time, young people care about [Bitcoin] more than old people, so gold slowly gets replaced by Bitcoin,” Novogratz explained. He emphasized that Bitcoin’s market capitalization remains far below that of gold, suggesting a long runway for growth. “Bitcoin has a long way to go—10x—and so that’s $1 million Bitcoin just to be where gold is,” he added.

Adoption Momentum Driving Valuation

Novogratz pointed to accelerating macro adoption as a major catalyst. Bitcoin is increasingly being embraced not only by retail investors but also by institutional players, public companies, and even sovereign wealth funds.

“Now we’ve got all these treasury companies buying Bitcoin, we’ve got sovereign wealth buying Bitcoin, we’ve got retail investors buying BTC,” he said. “There are easier ways to get it. So the adoption of Bitcoin as a macro asset, as an asset to save money in—I think that’s now a ball rolling downhill.”

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Long-Term Vision, Short-Term Volatility

While Novogratz acknowledged that Bitcoin’s path to $1 million may take time and won’t be without volatility, he reiterated that the long-term investment case continues to strengthen. The rise in institutional infrastructure, regulatory clarity, and global inflation concerns have all contributed to Bitcoin’s growing role as a store of value.

As financial institutions, public companies, and younger generations increase their allocation to Bitcoin, Novogratz believes the narrative of digital gold will only gain more ground.

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