Countries Are Purchasing Bitcoin in Significant Volumes, Novogratz Reports
Mike Novogratz, founder and CEO of Galaxy Digital Holdings, indicated a notable increase in global Bitcoin adoption. In a post on X, he stated that countries are purchasing Bitcoin in substantial volumes.
Nation-State Bitcoin Interest
Novogratz emphasized that massive capital pools are entering the market, predicting significant future rallies. He mentioned an associate in the Middle East who is facilitating Bitcoin purchases at unprecedented levels.
He referenced former President Donald Trump’s comments about becoming a "crypto president," which attracted attention from international leaders and could lead to a notable rally in Bitcoin's value.
Regarding the possibility of the United States creating a Strategic BTC Reserve, Novogratz expressed skepticism, citing complex legislative processes that may hinder such initiatives. He noted the Senate's cautious approach despite enthusiasm from the executive branch or House.
Novogratz suggested that it would be advantageous for the U.S. to enhance its Bitcoin holdings, promoting itself as a "technology-first country." He projected that if a Strategic Bitcoin Reserve were established, Bitcoin could reach $500,000.
He cautioned against potential hyperinflation scenarios, which historically result in societal instability. Novogratz discussed Bitcoin's potential to compete with gold as a store of value, noting a generational shift away from gold investment among younger individuals. He estimated Bitcoin could match gold's market cap of approximately $800,000 per BTC within five to ten years.
As of now, BTC trades at $93,000.
