Bitcoin has come a long way since its early days as a fringe digital asset. Today, it’s being openly discussed as the future of finance—and possibly a direct challenger to gold’s long-standing position as a store of value. Adding to the bullish outlook is Galaxy Digital CEO Mike Novogratz, a well-known billionaire investor who recently stated that he believes Bitcoin could one day reach a staggering $1 million.

In an interview with Schwab Network, Novogratz laid out his vision for Bitcoin’s long-term trajectory. Far from being a wild guess, his forecast is grounded in economic trends and demographic shifts that are gradually but powerfully transforming the investment landscape.

The Generational Wealth Transfer Driving Bitcoin Adoption

One of the most compelling arguments Novogratz offers is the ongoing wealth shift from baby boomers to younger generations like millennials and Gen Z. This change, he argues, will have a dramatic impact on where investment dollars go in the future.

“We had Warren Buffett retire. Charlie Munger passed away. They didn’t like Bitcoin, but I bet their grandkids are,” Novogratz said, highlighting the stark difference in how older and younger investors view digital assets.

While baby boomers built wealth using traditional investment vehicles such as gold, stocks, and bonds, the younger generation is more comfortable with technology and decentralized finance. As trillions of dollars in assets move to younger hands, a portion of that money is expected to flow into cryptocurrencies—particularly Bitcoin.

At the moment, gold holds a market cap of roughly $22.9 trillion, compared to Bitcoin’s $2.1 trillion. But Novogratz believes this gap can close within the next decade—and even flip. If that happens, Bitcoin’s valuation could surge, possibly reaching $1 million per coin.

Novogratz’s Personal Crypto Journey Adds Credibility

Mike Novogratz isn’t just making bold predictions for the headlines. His belief in Bitcoin comes from personal experience. A former hedge fund manager at Fortress Investment Group, Novogratz made a dramatic pivot to crypto after facing major losses in traditional finance.

In 2017, he founded Galaxy Digital, a financial services firm focused on cryptocurrencies and blockchain. His early Bitcoin purchases date back to 2013, and he’s since become one of the space’s most vocal and successful proponents.

Today, Novogratz has a net worth of approximately $4.5 billion, and much of that comes from his early and sustained investments in digital assets. Recently, he predicted Bitcoin could hit $150,000 in the near term. But his $1 million target is aimed at the longer horizon—likely 5 to 10 years from now.

Institutional Bitcoin Holdings on the Rise

Supporting Novogratz’s optimism is data that shows institutional interest in Bitcoin has surged over the past decade. According to a recent joint report by Gemini and Glassnode, institutional Bitcoin holdings have increased by a staggering 924% in the last ten years.

This rise in institutional adoption is a critical factor in legitimizing Bitcoin as a viable asset class. With the introduction of spot Bitcoin ETFs in the U.S., broader access for traditional investors is fueling demand. As regulatory frameworks evolve and investor sentiment matures, institutions may continue adding Bitcoin to their portfolios—providing more price stability and upward momentum.

Bitcoin vs. Gold: A Changing of the Guard?

For centuries, gold has been seen as the ultimate store of value. But with the world becoming increasingly digital, Bitcoin is emerging as a modern alternative. Its finite supply of 21 million coins, decentralized structure, and increasing mainstream adoption make it appealing to investors who view it as “digital gold.”

Novogratz’s view is clear: younger investors are ready to bet on Bitcoin, not bullion. And as this demographic shift accelerates, so too could Bitcoin’s climb to $1 million.

While the timeline remains uncertain and the road ahead is likely to be volatile, Novogratz’s confidence—and the numbers backing it—suggest that Bitcoin’s best days may still be ahead.