In a recent Bloomberg interview, Galaxy Digital CEO Mike Novogratz shared his views on the future of Bitcoin and its potential role as a national reserve asset.
Novogratz's Prediction
In the interview, Novogratz predicted that the price of Bitcoin could rise to $500,000 if it is adopted as a national reserve asset in the US. However, he believes there is a low probability of such a reserve being established in the US.
Legislative Initiatives in the USA
As reported, Senator Cynthia Lummis introduced a bill that would require the US Treasury to acquire 5% of Bitcoin's total supply. This bill, introduced in September, is likely to face many legislative hurdles.
Bitcoin and Gold: A Future Outlook
Novogratz also noted that Bitcoin could surpass the market cap of gold within 10 years. He views Bitcoin as potentially competing with gold due to a generational shift.
Despite skepticism about Bitcoin's adoption in the US as a reserve asset, Novogratz believes the cryptocurrency has growth potential and could become the new 'digital gold' in the coming years.
