Go first.
Theorem: a player facing a $2^i$ bubbles, where $i$ is a positive integer, and who cannot pop them all immediately, is guaranteed to lose.
Proving the theorem by induction.
For $i=0$, it is impossible, as you can't face 1 bubbles and not be able to pop it.
For $i=1$, you face 2 bubbles, and cannot pop both. You must pop one, and thus lose.
For $i=2$, you face 4 bubbles. If you pop 2 or 3, your opponent pops the rest, and you lose. If you pop 1, then you alternate popping 1 until he wins.
The next step is to assume the theorem is true for all $i \leq N$.
If you face $2^{N+1}$ bubbles and pops $2^N$ or more, your opponent will immediately pop the rest and win.
If you pop fewer than $2^N$, your opponent adopts a strategy that guarantees you will face $2^N$ bubbles, eventually. This strategy is the exact same strategy the opponent would use if you faced $2^N$ bubbles initially. Since the theorem holds for $i \leq N$, such a strategy must exist. Thus your opponent can force you to end up facing $2^N$ bubbles, which we have already proven is a lose condition.
QED, by induction the theorem is proven. Anyone facing a number of bubbles that is a power of 2, but who cannot win immediately, must lose.
To win, you force your opponent to face $2^i$ bubbles. You start with 16 million, and the next power of 2 is $2^{23}$. So you pop
$16000000 - 2^{23} = 7611392$ bubbles.
Your opponent faces $2^{23}$ bubbles. From there on, the strategy is to keep forcing your opponent to face powers of two balloons, until you can win.
Update: As some comments have pointed out, proving that a winning strategy exists is not exactly the same as providing a strategy.
Strategy for winning if your opponent faces $2^N$ bubbles: If your opponent pops $x$ bubbles, find $i$ such t hat $2^{i-1} \le x < 2^{i}$, then pop $2^{i} - x$ bubbles.
Why this works:
First, since $x \ge 2^{i-1}$, it flollows that $2^{i} - x \le 2^{i} - 2^{i-1} = 2^{i-1} \le x$, so it is always possible to pop that number of bubbles.
Second, if $i = N$, then you have just won.
Otherwise, you have ensured that your opponent is facing $2^{N} - 2^{i} = 2^{N-1} + A 2^{i}$ bubbles, and cannot pop more than $2^{i-1}$. By continuing this strategy, you can peel off each group of $2^i$ bubbles until your opponent faces $2^{N-1}$.