Catenaa, Monday, August 18, 2025- Galaxy Digital CEO Mike Novogratz cautioned that Bitcoin reaching $1 million in 2026 would likely reflect a US economic crisis rather than a crypto success story.
Speaking on the Coin Stories podcast, Novogratz said such a surge would be driven by extreme currency devaluations and instability, serving as a hedge rather than a triumph for the cryptocurrency market.
Novogratz criticized Treasury Secretary Scott Bessent for failing to rein in the country’s mounting debt, warning that deficits are set to rise and could exacerbate economic instability.
He also voiced concerns over the rapid corporate adoption of Bitcoin treasuries, noting that the trend resembles a bubble as companies rush to place BTC on balance sheets, often receiving crypto contributions instead of buying assets directly from the market.
While speculation around a $1 million Bitcoin continues, including forecasts from BitMEX founder Arthur Hayes, Novogratz emphasized the societal cost of such extreme valuations.
He argued that a stable, lower Bitcoin price is preferable to a high price fueled by economic collapse, warning that only a few corporate Bitcoin treasuries may survive if market conditions sour.
Analysts including Ran Neuner and James Check have echoed skepticism about the sustainability of corporate crypto treasuries, highlighting concerns that early gains may no longer be achievable for new entrants.
Novogratz’s remarks serve as a reminder of the risks inherent in linking Bitcoin’s meteoric price growth to broader economic distress rather than market maturity.
