The argument that Bitcoin could one day reach $1 million, while sounding extremely bold, actually has its rationale. Currently, Bitcoin's market capitalization still has a considerable gap compared to gold, which indicates that if it is ultimately widely accepted by society as "digital gold" or a modern store of value, its appreciation potential is indeed quite significant. However, this expectation faces numerous real obstacles, including an unstable regulatory environment, technological security risks, and fierce competition from Financial Institutions.

The optimistic predictions of Galaxy Digital CEO Mike Novogratz are largely based on his in-depth observations of the investment habits of the new generation. Indeed, millennials and Generation Z show a clear preference for digital assets, while showing little interest in traditional gold. However, we also need to be aware that Bitcoin's price is highly volatile and has yet to undergo a full global economic recession cycle test; its true characteristics as a store of value still require time to prove.

It is worth mentioning that Novogratz has reaped substantial returns from early Bitcoin investments, which may have reinforced his confidence in the long-term prospects of this digital currency to some extent. Although his perspective has some merit, market sentiment changes, policy adjustments, and technological developments could profoundly impact Bitcoin's future trajectory. For instance, if major economies launch central bank digital currencies or implement stricter regulatory frameworks for crypto assets, Bitcoin's growth trajectory may face resistance.

Overall, Bitcoin does indeed have the potential to surpass gold in the future and become a mainstream store of value, possibly even reaching $150,000 or higher. However, the expectation of a million dollars is more of a long-term vision rather than a short-term achievable goal. While investors should remain optimistic, they should also rationally assess and comprehensively consider market risk factors, avoiding excessive reliance on the explosive growth expectations of a single asset.