Source: LinkedIn
Galaxy Digital’s wealthy creator, Michael Novogratz, expressed his skepticism about the US setting up a strategic reserve for Bitcoin. President-elect Donald Trump proposed this plan.
Novogratz Forecasts a $500,000 Bitcoin Price Increase
Image: Michael Novogratz CEO of Galaxy (Source: Bloomberg
“I still think it’s a low probability,” Novogratz said in an interview with Bloomberg Television, underscoring the difficulties presented by the present political climate. Novogratz claims that even though Republicans control the Senate, they lack the supermajority needed to enact such important legislation.
Novogratz proposed the US keeps its current Bitcoin holdings. It might be prudent for the country to explore purchasing additional Bitcoin. This would establish the United States as a leader in technology and digital assets.
With a focus on the potential advantages of adopting cryptocurrencies, Novogratz stated, “We want to show the world that we are going to be a technology-first country, a crypto, digital asset-first country.”
Trump declared his intention to keep all Bitcoin owned by the government at the 2024 National Bitcoin Conference in Nashville. His goal was to make it “a permanent national asset to benefit all Americans.”
Senator Cynthia Lummis is among the proponents who have suggested that the US buy about a million Bitcoin. At today’s market prices, this would be more than $90 billion.
Novogratz forecasted a sharp increase in the value of Bitcoin, saying it might reach $500,000, should the US create a strategic reserve. At the moment, the price of Bitcoin is approximately $93,000.
“As someone who owns a lot of bitcoins, I won’t cry if we get the Bitcoin reserve,” he said, adding that such a move would set a new precedent and compel other nations to do the same.
Trump’s Election Win Causes a 30% Increase in Bitcoin
Source: Business Standard
The recent presidential election victory of Trump has had a positive impact on the cryptocurrency market. This has led to an increase of over 30% in Bitcoin’s value. The overall digital asset market has also surpassed its pre-pandemic peak.
During his first administration, Trump was skeptical of cryptocurrency. However, his opinion has subsequently shifted, and he is now a prominent supporter. His family has started a decentralized finance initiative called World Liberty Financial, which includes a native cryptocurrency called WLF.
Novogratz, a former partner at Fortress Investment Group and Goldman Sachs, has seen a notable rise in his wealth. His net worth increased from $1.6 billion at the end of 2022 to over $5.4 billion this week. Notably, after Trump won the election, Galaxy Digital had its busiest trading day of the year on November 6.
