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Today, Galaxy Digital CEO Mike Novogratz told CNBC<\/a> that Bitcoin is on a path to replace gold and could eventually reach a value of $1,000,000.<\/p>\n \u201cBitcoin has become a macro asset,\u201d said Novogratz. \u201cAnd some of the great things is most people have it on their screens next to gold and silver and the S&P. And you think back ten years ago when people thought we were crazy. And now it\u2019s an institutionalized macro asset\u2026 It\u2019s just becoming institutionalized.\u201d<\/p>\n He emphasized that Bitcoin<\/a> is no longer a fringe investment but part of the mainstream financial landscape. He pointed out that its volatility is now seen as normal compared to traditional assets.<\/p>\n \u201cWe are in a dollar bear market. For the last 15 years, American exceptionalism was the story. Europeans were widely overweight and Asians widely overweight the US stock and we have an administration that wants a weaker dollar. They are pretty clear about it,\u201d he said. \u201cEven in the way Trump negotiates. And you can argue if it\u2019s successful or not successful, but by telling Canada they want to be the 51st state, and telling people that they come here to kiss his rear end, it doesn\u2019t engender people to say, \u2018Oh, I want to buy more dollars.\u2019\u201d<\/p>\n According to Novogratz, this global shift is pushing investors toward assets outside the dollar, including Bitcoin.<\/p>\n \u201cI think most macro funds are having a great year,\u201d he stated. \u201cThey\u2019re short the dollar, they\u2019re long the euro, they\u2019re long the yen, they\u2019re long Aussie, they\u2019re long a basket of currencies. Well, Bitcoin, gold, silver, platinum, they all fall into that same category as something that\u2019s not the dollar.\u201d<\/p>\n He also pointed to Bitcoin\u2019s fixed supply as a key factor behind its growing value.<\/p>\n \u201cThere is no more Bitcoin,\u201d he said. \u201cWhat\u2019s unique about Bitcoin as an asset is it was created with 21 million<\/a> coins total. Period. End of story. There\u2019ll never be more than that. But not all of those have been mined, is my point. Not most of them. Lots of them have been lost. There have been more Bitcoins lost than will be mined for the rest of eternity.\u201d<\/p>\n Novogratz believes the wave of institutional involvement, including firms like BlackRock, is cementing Bitcoin\u2019s role as a savings asset.<\/p>\n \u201cThe bull case becomes that over time\u2026 gold slowly gets replaced by Bitcoin. And so if you look at gold\u2019s market cap and Bitcoin market cap, Bitcoin has a long way to go. Right? 10x. And so that [is] $1,000,000 a Bitcoin just to be where gold is.\u201d<\/p>\n<\/div>\n