Billionaire cryptocurrency investor Mike Novogratz has suggested that Bitcoin could reach a staggering $500,000 if the United States were to add it to its strategic reserves. He made the bold prediction during a live interview on Bloomberg, sparking renewed discussion about the future of the leading cryptocurrency.
Novogratz’s comments come in the wake of a purported statement attributed to US President-elect Donald Trump, promising to make Bitcoin a reserve asset and halting government sales of the cryptocurrency. However, Novogratz himself expressed skepticism about the likelihood of such a scenario unfolding. He emphasized that for Bitcoin to reach such a price point, not only would the US need to adopt it as a reserve asset, but other countries would likely need to follow suit.
“If the US actually made Bitcoin a reserve asset, which I don’t think they will, but if they did, that would send a signal to every other country in the world,” Novogratz stated. “And then it would have to be bought by other countries as a reserve asset, and that’s how you get to $500,000 Bitcoin.”
Novogratz’s relationship with the cryptocurrency world has been a complex one. A long-time Bitcoin bull, he has also been involved in other cryptocurrency ventures, some with less successful outcomes. Notably, he was a vocal supporter of the Terra (LUNA) ecosystem before its dramatic collapse, even going so far as to get a LUNA-themed tattoo.
