Countries Are Already Buying Bitcoin ‘In Huge Volumes’, Says Novogratz

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,920,276,843,780	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,920,276,843,780

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	3,225.18	3.42%	97,584.23	97,566.43	97,576.99

Price Change

Price Change %

Current Price

Bid Price

Offer

3,225.18

3.42%

97,584.23

97,566.43

97,576.99

High Price	Low Price	Open Price	Prev. Close	52 Week Range
97,931.00	94,127.20	94,301.06	94,359.05	35,773.27 - 94,989.99

High Price

Low Price

Open Price

Prev. Close

52 Week Range

97,931.00

94,127.20

94,301.06

94,359.05

35,773.27 - 94,989.99

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	09:12:12	0.025000	97,584.22	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

09:12:12

0.025000

97,584.22

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,112,589,846.48	11,566.27	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,112,589,846.48

11,566.27

Countries Are Already Buying Bitcoin ‘In Huge Volumes’, Says Novogratz

21/11/2024 5:30am

NEWSBTC

Mike Novogratz, the founder and CEO of Galaxy Digital Holdings—a leading crypto investment firm listed on the Toronto Stock Exchange—has signaled a significant shift in the global adoption of Bitcoin. In a post on Tuesday via X, Novogratz declared that countries are already purchasing Bitcoin. Nation-State Bitcoin FOMO Is Real “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 Bloomberg TV, he stated via X. In the Bloomberg interview, Novogratz elaborated on the unprecedented interest from sovereign entities. He mentioned a close associate—the person who introduced him to BTC in 2013—who is currently in the Middle East. “He’s never seen anything like it,” Novogratz said. “He’s convincing more people to buy Bitcoin in the three days he’s been there than any time in his whole career, and they’re huge pools of capital. And so we’re seeing something globally.” Related Reading: US Bitcoin Reserve Will Push Price Above $1 Million, Expert Predicts Novogratz noted that when former President Donald Trump advocated in Nashville that he intended to be a “crypto president” and a “Bitcoin president,” it caught the attention of international leaders. “Other leaders heard that,” he remarked, suggesting that geopolitical factors could contribute to an “amazing rally” in the Bitcoin market. When questioned about the likelihood of the United States establishing a Strategic BTC Reserve under a Trump presidency, Novogratz remained cautious. “I still think it’s a low probability,” he stated. He cited the complexities of US legislative processes, emphasizing that while the executive branch or the House might show enthusiasm, the Senate often urges restraint. “That’s the role of the Senate,” he said, pointing out that Republicans do not hold a 60-seat majority necessary to push through such initiatives unilaterally. Nonetheless, Novogratz acknowledged the potential benefits of the US embracing Bitcoin at a strategic level. “It would be very smart for the United States to take the Bitcoin they have and maybe add some to it,” he suggested, adding that it would signal a commitment to being a “technology-first country, a crypto and digital asset-first country.” While he doesn’t believe the US dollar requires backing by Bitcoin, he admitted that if a Strategic Bitcoin Reserve were established, “Bitcoin heads to $500,000.” Related Reading: BitMEX Founder Predicts How Bitcoin Goes To $1 Million Under Trump He added: “If it happens in the short term without a Strategic Bitcoin Reserve, it’s going to mean six, seven, eight years,” Novogratz cautioned. “Then it’s just a scramble to get the hot commodity.” He expressed concerns that such a scenario could be indicative of hyperinflation, which historically leads to societal instability. “In every country that experiences hyperinflation, the results are really crappy,” he noted. Discussing Bitcoin’s potential to rival gold as a store of value, Novogratz highlighted a generational shift in investment preferences. “The total market cap of gold is like $16 trillion,” he explained, which translates to approximately $800,000 per BTC if it were to reach parity. “When does Bitcoin become gold?” he asked rhetorically. Novogratz, who is turning 60 next week, admitted he still owns gold, calling himself “an old guy.” However, he pointed out that younger generations are less inclined to invest in gold. “Forty-year-olds own no gold. Thirty-year-olds own none,” he observed. “As we see this generational shift, Bitcoin should match gold within five or ten years, and that gets you to $800,000.” At press time, BTC traded at $93,000. Featured image from YouTube, chart from TradingView.com

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