Bitcoin Hits New Highs but Raises Concerns
Bitcoin recently surged to a new all-time high of $124,128, reigniting speculation that the world’s largest cryptocurrency could hit $1 million by 2026. While some analysts and Bitcoin advocates see this as a bullish milestone, Galaxy Digital CEO Mike Novogratz has issued a stark warning.
According to Novogratz, a million-dollar Bitcoin wouldn’t reflect healthy market growth, but rather a sign that the U.S. economy is in severe crisis.
Novogratz Prefers Stability Over Soaring Prices
Speaking on the Coin Stories podcast, Novogratz explained that a runaway Bitcoin price surge often comes during times of currency devaluation and economic instability.
“I’d rather have a lower Bitcoin price in a more stable United States than the opposite,” he said, warning that financial instability can undermine civil society.
When national currencies weaken, investors flock to safe-haven assets such as gold — and increasingly, Bitcoin as “digital gold.”
Analysts Split on Bitcoin’s Future
While Novogratz urged caution, other prominent figures remain extremely bullish:
- Arthur Hayes, BitMEX founder, previously predicted Bitcoin could hit $750,000–$1 million by 2026, though he recently adjusted his short-term target to $250,000 this year.
- Samson Mow, founder of Jan3, suggested Bitcoin could reach $1 million “maybe this year, maybe next.”
Crypto analyst Scott Melker (Wolf Of All Streets) also noted that the faster Bitcoin reaches extreme valuations, the worse the global economic backdrop likely is.
Novogratz also highlighted the U.S.’s rising debt crisis, criticizing Treasury Secretary Scott Bessent for failing to curb the debt-to-GDP ratio.
“The deficit is going to be higher, not lower,” he cautioned.
Adding to his concerns, Novogratz warned that the Bitcoin treasury trend — where companies add BTC to their balance sheets — may be turning into a bubble. Galaxy Digital reportedly gets five new calls weekly from firms considering this strategy, which he compared to early signs of a market frenzy.
While the prospect of $1 million Bitcoin excites many in the crypto world, Novogratz’s warning underscores the importance of context. If Bitcoin skyrockets that quickly, it may not be a healthy win for crypto, but a reflection of deeper economic instability in the U.S. and beyond.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.