Countries Already Buy Bitcoin ‘In Huge Volumes’, Says Novogratz
Mike Novogratz, founder and CEO of Galaxy Digital Holdings, a leading cryptocurrency investment company listed on the Toronto Stock Exchange, said there will be a major shift in the global adoption of Bitcoin. In a post published via X on Tuesday, Novogratz claimed that countries are already buying Bitcoin.
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“Countries are already buying Bitcoin en masse — a lot of money coming into the market. We’re seeing mass adoption around the world and the next rally could be massive. Buckle up.” He told Bloomberg TV last week , point out via X.
In an interview with Bloomberg, Novogratz detailed the unprecedented interest from sovereign entities. He mentioned that a close colleague – the person who introduced him to BTC in 2013 – is currently in the Middle East. “He had never seen anything like it,” Novogratz said. “He convinced more people to buy Bitcoin in three days than at any time in his entire career, and they had a huge pool of money. So we’re seeing something happening globally.”
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Novogratz noted that current President Donald Trump advocated In Nashville, his intention to become “Cryptocurrency President” and “Bitcoin President” has attracted the attention of international leaders. “Other leaders are hearing this, too,” he said, suggesting geopolitical factors could lead to an “amazing rally” in the Bitcoin market.
When asked whether it was possible for the United States to establish Bitcoin strategic reserve During Trump’s presidency, Novogratz remained cautious. “I still think it’s very unlikely,” he said. He cited the complexities of the U.S. legislative process, stressing that while the executive branch or the House of Representatives may show enthusiasm, the Senate often urges restraint. “That’s the role of the Senate,” he said, noting that Republicans don’t have the 60-seat majority needed to unilaterally push such a measure.
Nonetheless, Novogratz acknowledged the potential benefits of the U.S. embracing Bitcoin on a strategic level. “It would be very smart for the United States to take away the Bitcoin they have and maybe add some more,” he said, adding that it would signal the United States’ commitment to becoming a “technology-first countries, cryptocurrencies and digital assets first.” nation. Although he does not believe that the U.S. dollar needs the support of Bitcoin, he admitted that if the Bitcoin strategic reserve is established, “Bitcoin will reach $500,000.” “
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He added: “If this happens in the short term without strategic Bitcoin reserves, it will mean six, seven, eight years,” Novogratz warned. “Then it’s just a scramble for a hot commodity.” He worries the situation could herald hyperinflation, which has historically led to social instability. “In every country that experienced hyperinflation, the results were very bad,” he noted.
Discussing the potential of Bitcoin Rivaling gold as a store of valueNovogratz highlighted generational shifts in investment preferences. “The total market capitalization of gold is approximately $16 trillion,” which would equate to a value of approximately $800,000 per BTC if parity were reached, he explained. “When will Bitcoin become gold?” he asked rhetorically. Novogratz, who turns 60 next week, admits he still owns gold and calls himself “an old guy.”
However, he noted that the younger generation is less willing to invest in gold. “A man of forty has no gold. A man of thirty has nothing,” he observed. “As we see this generational shift, Bitcoin should rival gold in five or ten years, which would get you to $800,000.”
At press time, BTC was trading at $93,000.
Featured image from YouTube, chart from TradingView.com
