Bitcoin has had quite a year. If you’re thinking about getting in now, you might wonder if you’ve missed the boat. The good news is, you probably haven’t. Mike Novogratz, a well-known crypto investor and founder of Galaxy Digital, has a strong belief in Bitcoin’s long-term potential, and his predictions might make you think twice about waiting.
What’s Novogratz Saying?
Mike Novogratz sees a bright future for Bitcoin. In a recent interview with Bloomberg, he suggested that Bitcoin could climb to $800,000 within the next five to ten years. That’s a bold claim, but he backs it up by comparing Bitcoin to gold.
Gold has been viewed as a reliable investment for centuries, particularly in uncertain economic times. Novogratz believes Bitcoin is on track to play a similar role. With a market value for gold hovering around $16 trillion, he thinks Bitcoin could eventually reach the same level, becoming a modern-day “digital gold.”
Why Do Analysts Keep Comparing Bitcoin to Gold?
The gold comparison isn’t random. For generations, gold has been a safe haven, offering stability when everything else feels shaky. Bitcoin, according to Novogratz and many others, is like gold but designed for the digital age. It’s seen as a hedge against inflation and economic turbulence.
Younger investors especially seem to gravitate toward Bitcoin. Many view it as a digital store of value that could continue to grow, just as gold has done for centuries. This shift in perspective has fueled the increasing popularity and demand of Bitcoin.
Earlier this month, investor and podcast-host Anthony Pompliano referred to Bitcoin as “gold with wings,” and said that Bitcoin will eventually overtake gold as a store of value.
Generational Shifts and New Investment Choices
While older generations leaned on precious metals, younger ones are embracing digital assets. Bitcoin and other cryptocurrencies are appealing to those looking for modern investment options.
Of course, Bitcoin has its ups and downs. But investors like Novogratz believe the long-term trend looks promising. With Bitcoin’s capped supply—only 21 million coins will ever exist—its scarcity, combined with growing demand, could keep pushing its value upward.
Could Bitcoin Hit $500,000 or More?
Novogratz has made another interesting prediction. If the U.S. government were to add Bitcoin to its reserves, he believes the price could jump to $500,000. While he doesn’t expect this to happen anytime soon, he points out how such a move could change the game. Other countries might follow, leading to a ripple effect that drives demand—and prices—even higher.
You can watch the entire interview with Mike Novogratz below: