Galaxy Digital CEO: Many Countries Continue to Stockpile Bitcoin
Bitcoin has reached a critical turning point in institutional adoption. Countries are now buying large amounts of Bitcoin, according to Mike Novogratz, head of Galaxy Digital Holdings.
Novogratz says countries are hoarding Bitcoin even as cryptocurrency market volatility remains flat.
Novogratz Reveals Countries Buying Bitcoin in Large Volumes: What Does This Mean?
Investors in the Middle East Increase Their Bitcoin Purchases
Novogratz said that Middle Eastern investors are paying special attention to Bitcoin since the currency has been breaking ATHs.
Bitcoin is very popular in the Middle East, it's like nothing we've ever seen before. More and more people are buying Bitcoin, Novogratz said on Bloomberg TV.
Global Leaders React to Trump’s Cryptocurrency Stance
President Trump’s apparent promise to become a “crypto president” and “Bitcoin president” has caught the attention of other world leaders. This strong push for cryptocurrency adoption has led many countries to seriously consider investing in digital assets.
Considerations for Strategic Bitcoin Reserves
On the subject of the US Strategic Bitcoin Reserve, Novogratz remained realistic but optimistic. “It would be smart for the US to continue to accumulate the Bitcoin they have and maybe buy some more,” he said.
The move to hoard Bitcoin would show that the United States is at the forefront of digital asset technology and development.
Warning
Even though Bitcoin is on track to hit $100,000, Novogratz is warning investors not to get too FOMO.
“A rush to buy during a volatile crypto market could signal deeper economic problems,” he said.
Generational wealth shifts
Gold currently holds $16 trillion in market value. But Novogratz sees a clear and distinct age divide in investment preferences.
“Forty-year-olds don't own gold. Thirty-year-olds don't own gold,” he said.
According to Novogratz, young investors always like cryptocurrencies even though this market has high risks but the profits it brings are huge compared to other investment channels.
BTC is currently trading above $98,000, showing growing confidence from institutional investors and governments around the world. Donald Trump has said the United States needs to adopt cryptocurrencies to avoid being left behind by other countries.