Michael Novogratz, CEO of Galaxy Digital, has predicted that bitcoin’s value could surge to $500,000 if the U.S. establishes a strategic reserve for the cryptocurrency. Discussing the potential impact of such a move during an interview on Bloomberg Television, Novogratz remarked:

If we get the bitcoin reserve, as a guy who owns a lot of bitcoin, I won’t cry … I think bitcoin heads to $500,000. It is a different paradigm because it forces every other country in.

The cryptocurrency is currently trading at an all-time high, and the recent speculation about a U.S. reserve has already helped boost BTC’s value by more than 30% since President-elect Donald Trump’s recent victory.

Despite this optimistic price outlook, Novogratz expressed doubts about the likelihood of the U.S. creating a bitcoin reserve under Trump’s administration. “I still think it’s a low probability,” he said, citing the lack of a significant Republican majority in the Senate.

“I think that it would be very smart for the United States to take the bitcoin they have and maybe add some to it and say we want to show the world that we are going to be a technology-first country, a crypto, digital asset-first country … I don’t necessarily think that the dollar needs anything to back it up,” the Galaxy Digital executive opined.

At the Bitcoin 2024 conference in Nashville, Trump proposed creating a U.S. strategic bitcoin reserve, pledging to establish a national BTC stockpile and implement crypto-friendly policies if re-elected. Following his re-election, discussions on this reserve have intensified. Senator Cynthia Lummis has introduced the “Bitcoin Act,” which aims for the government to acquire up to one million bitcoins over five years, about 5% of the total supply. The proposal has sparked debate among economists and policymakers, with some questioning Bitcoin’s volatility and its viability as a national reserve asset. Nonetheless, the plan marks a significant shift in the U.S. approach to digital currencies.

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