Mike Novogratz considers bitcoin’s rise to $ 1 million dangerous

Mike Novogratz, CEO of Galaxy Digital, said that a sharp rise in bitcoin BTC $115,562.70 Bitcoin -2.24% Market capitalization $2.3 trillion VOL. 24 hours $1.89 billion to $ 1 million would be an alarming signal for the US economy. According to him, this would be a marker of serious and possibly irreversible problems in the financial system.

In an interview with the Coin Stories podcast, he noted that although he theoretically believes that this price can be overcome, he hopes that this will happen gradually. Novogratz explained that after the entry of institutional investors, including such giants as BlackRock, bitcoin became a macroeconomic asset and now its pricing is largely dependent on politics and global factors.

The entrepreneur emphasized that people who expect bitcoin to be worth $ 1 million in 2026 do not realize that such a scenario is possible only in the event of a collapse of the US economy. «A large devaluation leads to the collapse of a civilized society. You would not want to live in such a country,» he said.

Novogratz also commented on the economic plans of U.S. Treasury Secretary Scott Bessent, who proposed to stabilize the national debt at 100% of GDP. According to the investor, most of the promises of the new administration have not been fulfilled, and although he believes that the situation can be improved, he is skeptical about the prospects for reducing the deficit.

As for corporate «bitcoin hoarding,» the head of Galaxy Digital expressed caution, saying that the current hype resembles a bubble. He emphasized that the integration of cryptocurrencies into traditional finance is a positive development, but the excessive debt burden of companies that keep bitcoin on their balance sheets could cause the next bear market.