 Bitcoin strategic reserve unlikely under Trump — Mike Novogratz 
2024-11-14

Mike Novogratz, the founder of crypto investment and research firm Galaxy Digital, believes there is a "Low probability" that President-Elect Trump will establish a Bitcoin BTCUSD strategic reserve during his term.
In an interview with Bloomberg TV, the Galaxy Digital CEO explained that he expects a clash between the different branches of government to obstruct the process. Novogratz also argued that the US dollar does not need another asset to maintain its dominance as the global reserve currency:
"We have the strongest military in the world. We have the dominant economy in the world," the Galaxy Digital CEO continued — explaining that he expects Bitcoin to hit $500,000 if a strategic reserve is established by the US government.
Bitcoin to $500,000 once the sovereign HODL race starts
Novogratz clarified his statements by asserting that if the Bitcoin Strategic Reserve were to be established in the United States, it would trigger a BTC arms race between sovereign powers. The CEO stated:
El Salvador became the first country in the world to legalize Bitcoin as legal tender in 2021, and under the direction of President Nayib Bukele, continues to accumulate more of the scarce digital currency regularly.
The Kingdom of Bhutan has also been quietly mining Bitcoin for years. In September 2024, Arkham Intelligence revealed that Bhutan held approximately $780 million in digital assets.
Both countries have seen their Bitcoin holdings surge during the most recent rally, with El Salvador experiencing nine-digit gains and Bhutan's total crypto holdings topping the $1 billion mark.