The possibility of the United States adopting a strategic reserve of Bitcoin poses a transformative scenario for both the cryptocurrency market and the country’s position in technological innovation
Michael NovogratzCEO of Galaxy Digital, said that the value of Bitcoin could skyrocket to $500,000 if donald trump establishes a strategic reserve for cryptocurrency in the US. another guru, Michael TaylorCEO of Microstrategy, commented that although the idea of the northern country creating a BTC reserve is at the moment a mere idea and not a concrete plan, “he believes that the proposal should be made – and will be made.”
“If we achieve the reservation of BitcoinAs someone who owns a lot of Bitcoin, I’m not going to complain. I think that Bitcoin It is aimed at $500,000. It is a different paradigm because it forces other countries to follow the example,” Novogratz commented in an interview with Bloomberg.
Bitcoin, currently trading near an all-time high, is up more than 30% driven by recent speculation over a possible US reserve and the president-elect’s victory. Donald Trump.
The words of Novograts
Despite his optimism regarding the price, Novogratz expressed doubts about the likelihood of the US implementing a Bitcoin reserve under the Trump administration. “I still think it’s an unlikely event,” he said, citing the lack of a significant Republican majority in the Senate.
“I think it would be very smart for the United States to take the Bitcoin it already has, maybe add a little more and say, ‘QWe want to show the world that we are a country that prioritizes technologya leader in digital assets and cryptocurrencies.’ But I don’t necessarily think that the dollar needs something to support it,” added the Galaxy Digital executive.
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During the Bitcoin 2024 conference in Nashville, TTrump proposed the creation of a strategic Bitcoin reserve in the US, pledging to establish a national stock of BTC and implement cryptocurrency-friendly policies if re-elected. After his re-election, discussions about this reservation have intensified.
Senator Cynthia lummis has presented the “Bitcoin Law”, which seeks to allow the government to acquire up to one million Bitcoins within five years, which is equivalent to approximately 5% of the total supply. The proposal has generated an intense debate among economists and legislators.
However, some critics point out Bitcoin’s volatility and question its viability as national reserve asset. However, the plan represents a significant change in the US stance towards digital currencies.
Source: Ambito
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