Galaxy Digital: If Bitcoin (BTC) reaches $1 million next year, it will be a signal that the economy is in trouble.

CN
5 days ago

Galaxy Digital CEO Mike Novogratz stated that if Bitcoin reaches $1 million next year, it will not be a victory but a sign that the U.S. economy is in serious trouble.

"To those cheering for Bitcoin to hit $1 million next year, I want to say, guys, it will only get there if we are in such a bad place domestically," Novogratz told Natalie Brunell on the "Coin Stories" podcast on Wednesday.

"I would rather see lower Bitcoin prices in a more stable America than the opposite," Novogratz explained, noting that severe currency devaluation often comes at the expense of civil society.

When a country's currency declines, investors often seek other safe havens to protect their wealth, and Bitcoin (BTC) is frequently referred to as digital gold.

Crypto analyst Wolf Of All Streets expressed a similar sentiment in a July 2023 interview with Cointelegraph magazine: "The faster it happens, the worse the world gets."

However, some Bitcoin supporters have been speculating about the possibility of Bitcoin reaching $1 million by 2026. One of them is BitMEX founder Arthur Hayes, who stated in October 2023 that he expects Bitcoin to reach between $750,000 and $1 million by then. Recently, he more bluntly predicted that Bitcoin would hit $250,000 by the end of this year.

Recently, Jan3 founder Samson Mow told Cointelegraph magazine in June that Bitcoin could reach $1 million, "maybe this year, maybe next year."

Novogratz also expressed concerns about the ongoing debt issues in the U.S. He hinted that President Donald Trump's decision to appoint Treasury Secretary Scott Bessent has not had the desired effect.

"While I like Scott Bessent and believe he is serious about everything he says, he is failing at controlling the debt-to-GDP ratio," Novogratz said.

"The deficit will be higher, not lower," he added.

Novogratz warned that the growing adoption of Bitcoin treasury companies may be turning into a bubble.

"Overall, I’m a bit nervous; it feels like a mania," he said, revealing that Galaxy Digital receives about five calls a week from new companies looking to adopt the asset on their balance sheets.

"In a way, that’s what a bubble feels like when taxi drivers start asking you about balance sheet companies," he said.

This comes just months after venture capital firm Breed expressed similar concerns.

Breed believes that only a few Bitcoin treasury companies will stand the test of time, avoiding the malignant "death spiral" affecting those companies trading close to their net asset value (NAV) of BTC holdings.

Related: Analysts believe Bitcoin (BTC) buyers are weak, retail investors are turning to altcoins

Original article: “Galaxy Digital: If Bitcoin (BTC) reaches $1 million next year, it will be a sign of economic downfall”

免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

C2C买币瓜分$30,000,注册永久返20%
Ad
Share To
APP

X

Telegram

Facebook

Reddit

CopyLink