Galaxy Digital CEO Mike Novogratz has pushed again on predictions that Bitcoin might hit $1 million within the close to time period, warning that such a transfer would doubtless replicate a collapse within the US financial system quite than a crypto success story.
Key Takeaways:
- Mike Novogratz warned {that a} $1M Bitcoin would doubtless sign U.S. financial collapse quite than a crypto victory.
- He criticized Treasury Secretary Scott Bessent for failing to curb rising debt and deficits.
- Novogratz voiced concern that Bitcoin treasury adoption is popping right into a bubble as extra corporations rush in.
“Individuals who cheer for the million-dollar Bitcoin worth subsequent 12 months, I used to be like, guys, it solely will get there if we’re in such a shitty place domestically,” Novogratz advised Natalie Brunell on the Coin Tales podcast on Wednesday.
“I’d quite have a decrease Bitcoin worth in a extra steady United States than the other.”
Novogratz: Bitcoin Acts as Hedge When Currencies Collapse
Novogratz defined that excessive forex devaluations typically gas demand for different protected havens, and Bitcoin, typically dubbed digital gold, turns into a hedge in opposition to financial turmoil.
Nevertheless, he cautioned that such situations would come on the expense of civil society.
His feedback echo previous warnings from analysts who stress that parabolic worth strikes typically accompany instability. In July 2023, dealer Scott Melker, generally known as Wolf Of All Streets, advised Cointelegraph Journal: “The sooner it occurs, the more serious the world is.”
Nonetheless, hypothesis round a $1 million Bitcoin by 2026 continues to swirl. Arthur Hayes, BitMEX founder, has repeatedly predicted BTC might climb between $750,000 and $1 million inside two years, and extra lately instructed a $250,000 goal by the tip of this 12 months.
Past worth forecasts, Novogratz additionally expressed concern over the U.S. fiscal outlook. He criticized Treasury Secretary Scott Bessent, appointed beneath President Donald Trump, for failing to rein within the nation’s hovering debt.
Tales and classes from a decade in crypto with Mike @Novogratz.
We speak about $GLXY, the 80,000 bitcoin transaction, whether or not Mike has any investing regrets, maxis and altcoin communities, Bitcoin's roadmap to $1 million and far more.
Timecodes:
00:00 Meet Mike Novogratz:… pic.twitter.com/4HrOi1juE5— Natalie Brunell
(@natbrunell) August 12, 2025
“As a lot as I like Scott Bessent and I believe he meant all the pieces he stated, he’s failing at bending debt to GDP. The deficit goes to be greater, not decrease,” he stated.
Novogratz additionally raised alarms in regards to the fast development of Bitcoin treasury adoption, noting that Galaxy Digital receives round 5 calls per week from corporations seeking to put BTC on their steadiness sheets.
“At one level, that’s what bubbles really feel like, when the cab driver asks you in regards to the steadiness sheet firm,” he stated.
His remarks come as considerations develop that solely a handful of company Bitcoin treasuries will endure, with enterprise agency Breed lately warning that many could face a “demise spiral” if market situations bitter.
Crypto Treasuries Aren’t Actually Shopping for Crypto
A rising variety of publicly traded corporations are elevating tons of of thousands and thousands of {dollars} to construct crypto treasuries, however one analyst says many aren’t truly shopping for digital property from the open market.
As reported, crypto analyst Ran Neuner claimed that crypto treasury corporations are performing much less like patrons and extra like exit autos for crypto insiders.
As an alternative of buying property instantly from exchanges, these corporations typically obtain crypto contributions from current holders, in trade for shares that later commerce at huge premiums on public markets.
Skepticism across the sustainability of the crypto treasury development can be rising.
Final month, Glassnode lead analyst James Verify raised considerations over the longevity of the company Bitcoin treasury technique, arguing the simple beneficial properties would possibly already be gone for brand spanking new entrants because the market matures.
The warning echoes current feedback from Matthew Sigel, head of digital asset analysis at VanEck, who has voiced considerations over the Bitcoin treasury methods adopted by some publicly traded corporations.
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