Galaxy Digital CEO Michael Novogratz says massive capital from other countries is flowing into Bitcoin amid support from pro-crypto President Donald Trump.
Bitcoin, one of the “Trump trades,” lived up to its billing following the Republican president’s victory. The pioneering cryptocurrency surged over 40% from sub-$68,000 on November 5 to its current market price of $92,453.
Notably, the surge is tied to Trump’s pro-crypto stance during his electoral campaign. Trump branded himself as the “Bitcoin President,” promising to create a friendly environment for the industry to thrive in the United States.
Meanwhile, Galaxy Digital CEO Michael Novogratz stated that Trump’s adoption of Bitcoin is drawing the attention of other countries. In a tweet on Tuesday, citing his recent interview with Bloomberg, Novogratz noted Bitcoin is witnessing massive capital inflow following Trump’s win.
Countries are already buying $BTC in huge volumes—these are massive pools of capital entering the market. We're witnessing global adoption at scale and the next rally could be massive. Buckle up
Caught up last week with @BloombergTV pic.twitter.com/s9UKQpGmXH
— Mike Novogratz (@novogratz) November 19, 2024
Nations Buying into Bitcoin
The Galaxy Digital CEO emphasized the growing demand for Bitcoin globally following the US president-elect’s support for the asset. He noted that while Trump acclaimed Bitcoin, other countries were keenly observing the asset.
Following Trump’s victory and his plans to create a strategic Bitcoin reserve, Novogratz claimed other countries are also considering a similar stance, steering massive inflows into the crypto market. Novogratz further insisted that Bitcoin is witnessing global adoption on a scale not seen before.
In truth, Trump’s adoption of Bitcoin has drawn other countries to the premier crypto asset. For instance, Poland’s presidential candidate, Sławomir Mentzen, vowed to follow Trump’s crypto stance and create a strategic Bitcoin reserve if elected.
Notably, demand for Bitcoin in the US has also peaked alongside that of other nations following Trump’s win. This theory is evident in the incessant inflows from the US Bitcoin spot ETFs, which have recorded a net inflow of over $5 billion since Trump’s win on November 6.
Meanwhile, Novogratz insisted that the growing global demand for Bitcoin will drive its price higher. The CEO predicts ambitious Bitcoin prices, including a surge to $500,000 and $800,000.
Novogratz’s Bitcoin Predictions
In the interview, the Galaxy Digital CEO emphasized an unprecedented price level for Bitcoin following its growing adoption. Novogratz stated that Bitcoin would hit $500,000 and $800,000, citing different propellants for his assertion.
The CEO predicted that Bitcoin would hit $500,000 if the United States created a US Bitcoin stockpile. Notably, the speculation is gaining momentum, with Republican Senator Cynthia Lummis repeatedly teasing the proposal.
Furthermore, leading spot ETF issuer VanEck has officially backed the US Bitcoin strategic reserve plot. In a tweet, Mathew Sigel, the Digital Assets Research Head for the $118 billion asset manager, stated that the firm has officially endorsed the creation of the Bitcoin stockpile.
Meanwhile, Novogratz speculated that Bitcoin will eventually match gold’s market cap. In the interview, he stated that a generational shift from gold to Bitcoin would drive the leading crypto asset to gold’s market cap, insisting that Bitcoin will trade at $800,000 when it happens.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
