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 possible mirror a collapse within the US economic system reasonably than a crypto success story.
Key Takeaways:
- Mike Novogratz warned {that a} $1M Bitcoin would possible sign U.S. financial collapse reasonably 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 firms rush in.
“Individuals who cheer for the million-dollar Bitcoin value subsequent yr, I used to be like, guys, it solely will get there if we’re in such a shitty place domestically,” Novogratz instructed Natalie Brunell on the Coin Tales podcast on Wednesday.
“I’d reasonably have a decrease Bitcoin value in a extra secure United States than the other.”
Novogratz: Bitcoin Acts as Hedge When Currencies Collapse
Novogratz defined that excessive foreign money devaluations usually gas demand for various secure havens, and Bitcoin, usually dubbed digital gold, turns into a hedge towards financial turmoil.
Nevertheless, he cautioned that such circumstances would come on the expense of civil society.
His feedback echo previous warnings from analysts who stress that parabolic value strikes usually accompany instability. In July 2023, dealer Scott Melker, often known as Wolf Of All Streets, instructed Cointelegraph Journal: “The sooner it occurs, the more severe 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 just lately urged a $250,000 goal by the tip of this yr.
Past value 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 discuss $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 rather 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 every little thing he mentioned, he’s failing at bending debt to GDP. The deficit goes to be greater, not decrease,” he mentioned.
Novogratz additionally raised alarms in regards to the fast progress of Bitcoin treasury adoption, noting that Galaxy Digital receives round 5 calls every week from firms trying to put BTC on their stability sheets.
“At one level, that’s what bubbles really feel like, when the cab driver asks you in regards to the stability sheet firm,” he mentioned.
His remarks come as considerations develop that solely a handful of company Bitcoin treasuries will endure, with enterprise agency Breed just lately warning that many might face a “loss of life spiral” if market circumstances bitter.
Crypto Treasuries Aren’t Actually Shopping for Crypto
A rising variety of publicly traded firms are elevating lots of of hundreds of thousands of {dollars} to construct crypto treasuries, however one analyst says many aren’t really shopping for digital belongings from the open market.
As reported, crypto analyst Ran Neuner claimed that crypto treasury companies are appearing much less like patrons and extra like exit autos for crypto insiders.
As a substitute of buying belongings immediately from exchanges, these firms usually 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 pattern can also be rising.
Final month, Glassnode lead analyst James Verify raised considerations over the longevity of the company Bitcoin treasury technique, arguing the straightforward beneficial properties may already be gone for brand new entrants because the market matures.
The warning echoes latest 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 companies.
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