Galaxy Digital CEO Michael Novogratz said huge amounts of capital from other countries are flowing into Bitcoin, with support from cryptocurrency advocate President Donald Trump.
Bitcoin, one of the “Trump trades,” performed as expected following the Republican presidential victory. The pioneering cryptocurrency has soared more than 40% from less than $68,000 on November 5 to its current market price of $92,453.
What is noteworthy is that this sharp rise is related to President Trump's policies. Supporting virtual currency position during his election campaign. Trump has dubbed himself the “Bitcoin President” and promised to create a friendly environment for the Bitcoin industry to flourish in the United States.
Meanwhile, Galaxy Digital CEO Michael Novogratz said President Trump's adoption of Bitcoin has caught the attention of other countries. in Tweet Citing a recent interview with Bloomberg, Novogratz noted on Tuesday that there has been a huge influx of capital into Bitcoin following President Trump's victory.
Countries have already purchased $BTC These are huge pools of capital flowing into the market. We are witnessing massive global adoption, and the next uptick could be massive. buckle up
I caught up last week @BloombergTV pic.twitter.com/s9UKQpGmXH
— Mike Novogratz (@novogratz) November 19, 2024
Countries join Bitcoin
Galaxy Digital CEO emphasized Demand for Bitcoin is increasing globally following the US President-elect's support for Bitcoin assets. He noted that while President Trump praises Bitcoin, other countries are also watching the asset closely.
Trump's victory and Strategic Bitcoin ReserveNovogratz claimed that other countries are considering similar stances, leading to large inflows into the crypto market. Novogratz also argued that Bitcoin is gaining global adoption on an unprecedented scale.
In fact, President Trump's adoption of Bitcoin has also drawn other countries to this premier crypto asset. For example, Polish presidential candidates Swałomir Mentzen has vowed to follow Trump's crypto stance and create a strategic Bitcoin reserve if elected.
Notably, following President Trump's victory, demand for Bitcoin in the United States has also peaked, along with demand in other countries. This theory is evidenced by the steady inflows from the US Bitcoin Spot ETF, which has recorded over $5 billion in net inflows since President Trump's victory on November 6th.
On the other hand, Mr. Novogratz argued that: Growing global demand Because the price of Bitcoin will rise. The CEO is predicting ambitious Bitcoin prices, including a jump to $500,000 and $800,000.
Novogratz Bitcoin Prediction
In an interview, Galaxy Digital's CEO highlighted the unprecedented price levels associated with Bitcoin's growing adoption. Citing various drivers for his argument, Novogratz said Bitcoin will reach $500,000 and $800,000.
The CEO predicted that if the US created a US Bitcoin stockpile, Bitcoin would reach $500,000. Notably, this speculation is gaining momentum with Republican support. Senator Cynthia Lummis He teases her with a marriage proposal many times.
Additionally, major spot ETF issuers Van Eck Officially endorsed the US Bitcoin Strategic Preparedness Plan. in TweetMatthew Siegel, head of digital asset research at the $118 billion asset management firm, said the firm has formally supported the creation of a Bitcoin stockpile.
Meanwhile, Novogratz speculated that Bitcoin will eventually rival the market capitalization of gold. He said in an interview that due to the generational shift from gold to Bitcoin, the leading crypto asset will reach gold's market cap, at which point he claimed that Bitcoin will trade at $800,000.
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