Galaxy Digital CEO Mike Novogratz is forecasting the potential price trajectory of Bitcoin (BTC) if the incoming administration of President-elect Donald Trump adopts the crypto king as a strategic reserve asset.
In a Bloomberg interview, Novogratz says that Bitcoin could skyrocket by over 400% from the current level if the US builds a strategic BTC reserve as the Wyoming Republican Senator Cynthia Lummis promised soon after Trump won the presidential election.
“…if we get the Bitcoin reserve and as a guy that owns a lot of Bitcoin, I will not cry. And if you see me crying, they will be crocodile tears. I think Bitcoin heads to $500,000.”
Bitcoin is trading at $88,060 at time of writing.
According to Novogratz, the potential adoption of Bitcoin as a reserve asset by the US could have a ripple effect globally.
“…it’s a whole different paradigm because it forces every other country and countries are already buying. And I’ve got a dear friend, the guy who turned me on to Bitcoin in 2013 who’s in the Middle East right now. And he said he’s never seen anything like it. He’s convincing more people to buy Bitcoin in the three days he’s been there than at any time in his whole career. And they’re huge pools of capital. And so we’re seeing something globally.
When Trump advocated in Nashville that he was going to be a crypto president, a Bitcoin president, and now he’s the president, let me tell you, other leaders heard that. And so I think we’re strapping in for what could be an amazing rally.”
The Galaxy Digital CEO, however, says there’s a “low probability” that the US could adopt Bitcoin as a reserve asset.
“I don’t necessarily think the dollar needs anything to back it up. We have the strongest military in the world. We have the dominant economy in the world and the reserve currency we’ve earned. And to need to back up the reserve currency is counter-intuitive.”
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