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Bitcoin At $1 Million? CEO Says It’s The Price To Beat Gold
- Galaxy Digital CEO Mike Novogratz believes Bitcoin could reach $1 million per coin if institutional investment continues.
- Bitcoin hit a weekly peak of $110,290 and currently stands at $104,300, showing a 1.75% increase over the past week.
- Institutional moves like BlackRock's iShares Bitcoin Trust and cash inflow from other firms are increasing Bitcoin demand.
- Big players like wealth managers and pension funds are treating Bitcoin as a macro asset alongside gold and the S&P 500.
- More treasury companies and sovereign wealth funds are adding Bitcoin to their balance sheets, along with retail investors.
- Public companies like Metaplanet, Blockchain Group, GameStop, and Trump's Media arm have made significant Bitcoin purchases this year.
- Bitcoin's limited supply of 21 million coins contrasts with gold's annual new supply through mining.
- Novogratz predicts younger investors will prefer a capped digital asset like Bitcoin over traditional assets like gold.
- Regulatory uncertainties, price volatility, and the need for massive asset re-allocations are seen as challenges for Bitcoin's growth.
- Novogratz sees Bitcoin's market cap expanding to rival gold over time, potentially surpassing gold's market value.
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