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Bitcoin Could 10X to $1 Million, Says Galaxy Digital CEO Mike Novogratz
- Galaxy Digital CEO Mike Novogratz predicts Bitcoin could increase 10 times to reach $1 million, comparing its potential to that of gold.
- Novogratz sees a generational shift favoring Bitcoin over gold as young people show more interest in the digital currency.
- He highlighted that Bitcoin's market cap is currently much lower than gold's, suggesting significant room for growth.
- The increasing adoption of Bitcoin by retail investors, institutions, public companies, and sovereign wealth funds is seen as a key driver for its valuation.
- Novogratz emphasized that Bitcoin's expansion in the macro asset space is akin to a 'ball rolling downhill' with momentum.
- Despite acknowledging that Bitcoin's journey to $1 million may be gradual and volatile, Novogratz remains optimistic about its long-term investment potential.
- Factors like institutional infrastructure development, regulatory clarity, and global inflation concerns are strengthening Bitcoin's position as a store of value.
- Novogratz believes that the narrative of Bitcoin as digital gold will gain more traction as more financial entities and younger demographics allocate funds to the cryptocurrency.
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