Galaxy Digital CEO Mike Novogratz predicts the potential price trajectory of Bitcoin (BTC) if the incoming administration of newly elected President Donald Trump adopts the crypto king as a strategic reserve asset.
In a Bloomberg interview, Novogratz says Bitcoin could rise more than 400% from current levels if the US builds up a strategic BTC reserve, as Republican Senator Cynthia Lummis of Wyoming promised shortly after Trump won the presidential election.
[03:44] “…if we get the Bitcoin reserve and as a guy who owns a lot of Bitcoin, I won’t cry. And if you see me cry, they’ll be crocodile tears. I think Bitcoin is heading towards $500,000.”
Bitcoin is trading at $88,060 at the time of writing.
According to Novogratz, the potential adoption of Bitcoin as a reserve asset by the US could have a ripple effect worldwide.
“…it’s a very different paradigm because it’s forcing every other country and countries are already buying. And I have a dear friend, the man who introduced me to Bitcoin in 2013 and who is now in the Middle East. And he said he had never seen anything like it. He convinces more people to buy Bitcoin in the three days he’s been there than he ever has in his entire career. And they are huge pools of capital. And so we see something global.
When Trump advocated in Nashville that he would be a crypto president, a Bitcoin president, and now he’s the president, I can tell you that other leaders heard that. And so I think we’re preparing for what could be a great rally.”
However, the CEO of Galaxy Digital says there is little chance the US will adopt Bitcoin as a reserve asset.
“I don’t necessarily think the dollar needs anything to support this. We have the strongest military in the world. We have the dominant economy in the world and the reserve currency we have earned. And it is counterintuitive to have to support a reserve currency.”
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Generated image: Midjourney