As a seasoned analyst with over two decades of experience in finance and technology, I find Mike Novogratz’s perspective on Bitcoin (BTC) and its potential role as a strategic reserve intriguing, albeit somewhat improbable during President-Elect Trump’s term.
According to Mike Novogratz, the creator of digital currency investment and study company Galaxy Digital, it’s highly unlikely that President-Elect Trump will create a strategic Bitcoin (BTC) reserve throughout his presidency.
During an interview on Bloomberg TV, the CEO of Galaxy Digital stated his belief that disagreements among various government departments could potentially hinder the process. Furthermore, Michael Novogratz opined that the U.S. dollar’s position as the world’s primary reserve currency might not necessitate another asset for its continued strength.
“I think it would be very smart for the United States to take the Bitcoin it has, maybe add some to it, and say we want to show the world that we’re going to be a technology-first country — a crypto, a digital asset-first country. I don’t necessarily think the dollar needs anything. to back it up.”
The CEO of Galaxy Digital stated further – emphasizing that their nation boasts the most powerful military globally and boasts the leading economy worldwide. He predicted that Bitcoin could reach an astounding $500,000 if the U.S. government establishes a strategic reserve for it.
Bitcoin to $500,000 once the sovereign HODL race starts
Novogratz made it clear that setting up a Bitcoin Strategic Reserve within the U.S. might initiate a competitive race among global powers regarding Bitcoin, as he put it. In his words, “Establishing a Bitcoin Strategic Reserve in the U.S. could spark a BTC competition among sovereign nations.
“I think Bitcoin heads to $500,000 — it’s a whole different Paradigm because it forces every other country [to buy it], and countries are already buying it.”
In 2021, El Salvador made history by being the first nation to acknowledge Bitcoin as a legitimate form of currency. Guided by President Nayib Bukele, the country consistently adds more of this scarcely available digital money to its holdings on a regular basis.
For quite some time, the Kingdom of Bhutan has secretly mined Bitcoin. In September 2024, Arkham Intelligence disclosed an approximate wealth of $780 million in digital currencies held by Bhutan.
In the latest Bitcoin surge, both nations have witnessed significant increases in their Bitcoin assets. Specifically, El Salvador has realized massive gains of over 9 figures, while Bhutan’s entire cryptocurrency holdings have surpassed the one billion dollar threshold.
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2024-11-13 23:43