Throughout a latest Bloomberg interview, Galaxy Digital CEO Mike Novogratz predicted that the value of Bitcoin, the main cryptocurrency, would possibly surge to $500,000 if it will get adopted as a nationwide reserve asset within the US.
As reported by U.At the moment, Sen. Cynthia Lummis launched a invoice that might require the US Treasury to amass 5% of Bitcoin’s complete provide.
The long-shot invoice, which was proposed by Lummis again in September, is more likely to face a number of legislative hurdles.
Novogratz himself believes that there’s a low chance of a Bitcoin reserve being established within the US. He himself doesn’t suppose that the U.S. greenback ought to be backed up by different property:
“I do not essentially suppose the greenback wants something to again it up. We’ve got the strongest navy on the planet. We’ve got the dominant economic system on the planet and the reserve foreign money we have earned. And to wish to again up the reserve foreign money is counterintuitive,” Novogratz mentioned.
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If the proposal does get applied, different nations may even have to purchase Bitcoin, in keeping with the crypto tycoon.
The cryptocurrency tycoon believes that Bitcoin might probably surpass the market cap of gold in 10 years.
“I am turning 60 subsequent week, and so I nonetheless personal about gold. I am an outdated man. However let me inform you, no 40-year-olds personal gold. No, 30-year-olds…And in order we see this generational shift, Bitcoin ought to match gold inside 5 or ten years.” Novogratz mentioned.
Earlier this yr, Novogratz predicted that the value of the flagship cryptocurrency might surge above $100,000 by the tip of the yr.
Bitcoin is at the moment altering arms at $92,741 after reaching a brand new all-time excessive of $93,477 earlier right this moment, in keeping with CoinGecko information.