Founder of investment company Galaxy Digital Mike Novogratz predicted Bitcoin's rise to $500,000 thanks to Donald Trump's re-election as US President.
If Trump fulfills his campaign promise and creates a Bitcoin strategic reserve fund, Novogratz believes that other governments will be forced to buy and store the cryptocurrency as well. Thus, Americans will unleash a “digital asset race” that will push the BTC price to $500,000.
However, Mike doubts that a Bitcoin reserve fund will be created under Trump's presidency. He believes that infighting between representatives of different branches of government will hinder this process, and Donald's idea will go to waste.
I think it would be a smart move for the US to take the bitcoins that are on the balance sheet, add some coins to them and show the world that we are going to become a tech country that puts cryptocurrencies, digital assets, at the forefront,” Novogratz said.
Mike Novograc
However, even if the Americans create a Bitcoin fund, the US will not be the first country to invest in BTC. The Salvadoran authorities have already invested at least $511,9 million in cryptocurrency and, thanks to the BTC price pump, earned an unrealized profit of 103%. The Bhutanese government has been mining Bitcoin for several years and thanks to this accumulated coins worth $1,1 billion at the current exchange rate.
