Originally published on: November 13, 2024
In a recent interview with Bloomberg TV, Mike Novogratz, the founder of Galaxy Digital, expressed his doubts about the possibility of President-Elect Trump establishing a Bitcoin strategic reserve during his term. Novogratz cited potential clashes between government branches as a hindrance to the process. He also emphasized that the US dollar’s status as the global reserve currency is already supported by the country’s military and economy.
Despite his reservations, Novogratz suggested that if the US were to create a Bitcoin strategic reserve, the cryptocurrency could reach $500,000. He highlighted the potential for a BTC arms race among sovereign powers if such a reserve were to materialize.
While Novogratz’s skepticism remains, countries like El Salvador and Bhutan have been actively accumulating Bitcoin. El Salvador made headlines bylegalizing Bitcoin as legal tenderin 2021, with President Nayib Bukele spearheading the effort. On the other hand, Bhutan has been discreetly mining Bitcoin for years, amassing around $780 million in digital assets as of September 2024.
Both nations have witnessed significant gains in their Bitcoin holdings, with El Salvador experiencing nine-digit increases and Bhutan’s crypto assets surpassing $1 billion. These developments hint at the growing embrace of Bitcoin on a global scale.
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