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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

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

Jake Simmons
Jake Simmons
10 months ago
3 mins read
Countries are already buying Bitcoin Novogratz

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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.”

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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.”

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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.

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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Ad discliamer

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