Galaxy Digital CEO Mike Novogratz forecasts the price of Bitcoin (BTC), if President-elect Donald Trump’s administration adopts Bitcoin as a reserve asset.
Novogratz said in a Bloomberg Interview that Bitcoin’s value could increase by 400% if US built a BTC strategic reserve, as Wyoming Republican Senator Cynthia Lummis had promised shortly after Trump was elected president.
[03:44] “…I will not cry if we receive the Bitcoin Reserve and I own a large amount of Bitcoin. If you see me cry, it will be with crocodile’s tears. Bitcoin is headed to $5000 .”
Bitcoin currently trades at $88,060 as of the time this article was written.
Novogratz believes that the US’s potential adoption of Bitcoin to serve as its reserve currency could cause a global ripple.
“…it is a different paradigm, because every country has to buy it. My dear friend who introduced me to Bitcoin back in 2013, is currently in the Middle East. He said that he had never experienced anything so amazing. In the three days that he has been in China, he is convincing more people than ever before to purchase Bitcoin. They’re massive pools of capital. We’re now seeing global trends.
Other leaders listened to Trump’s Nashville speech, when he said he would be the crypto president or Bitcoin president. Now he is president. So I believe we are in for an incredible rally .”
Galaxy Digital’s CEO says that there is a low probability of the US adopting Bitcoin as its reserve currency.
I don’t think that the dollar is in need of anything else to support it. We are the most powerful military force in the entire world. The reserve currency is a result of our dominance in the global economy. It is illogical to have to support the reserve currency.
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Sources of Images include Pixabay Creative Commons & Midjourney
The post Bitcoin could surge to $500,000 as US adopts BTC as reserve asset, says Billionaire Mike Novogratz. Here’s why may be updated with new information.
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