Bitcoin: A Reserve to Rival the Crown?

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Galaxy CEO Mike Novogratz, a man who seems to have an opinion on everything from the price of avocados to the existential crisis of the internet, has declared the establishment of a strategic Bitcoin reserve a “very big deal” 😜

Indeed, according to this champion of crypto, the mere existence of a Bitcoin reserve will send a message to every other nation, essentially saying, “Look at us, we’re embracing the future! Bitcoin or bust! 🤠

Blockstream CEO Adam Back, a man so deeply entwined with Bitcoin lore that he’s practically a crypto Nostradamus, echoed Novogratz’s sentiment, proclaiming the reserve announcement “huge” for moving the Overton window. Apparently, this is a good thing? 🤔 Back suggested that this legitimizes Bitcoin for the big boys, with sovereign wealth funds, pension funds, and mutual funds all suddenly thinking, “Hmm, maybe we should put some of our money in this shiny new thing.”

As reported by U.Today, the market reacted to this momentous news with the enthusiasm of a cat at a dog show. 🙀 Bitcoin actually took a dip, seemingly unimpressed by the fact that the reserve would consist of forfeited coins. “Not exactly the most glittering prize, is it?” whispered the market, before promptly going back to scrolling through its own financial feeds.

But fear not, dear Bitcoin enthusiast! Novogratz assures us that the U.S. government will find a way to buy more cryptocurrencies. After all, they’re in the business of spending money, aren’t they? 🏛️

It’s worth remembering that Novogratz previously argued that backing up the U.S. dollar (the global reserve currency) with other assets was “counterintuitive.” Now, he seems to be singing a different tune. Perhaps the allure of a $500,000 Bitcoin price prediction has changed his mind? 🤑

$500,000 price prediction

As reported by U.Today, the cryptocurrency mogul predicted that the price of Bitcoin could potentially reach $500,000 if the U.S. were to create a Bitcoin reserve, claiming it would trigger a domino effect, with other countries following suit.

Bitcoin is currently trading at $85,728. It’s like that friend who always talks a big game but never quite delivers. 😔 Despite being fully endorsed by the U.S. government, Bitcoin is struggling to rally.

Novogratz believes that Bitcoin needs to reclaim the $91,000 level to get the bulls back on track. He’s “very bullish” in the medium and long term, which is all well and good, but as they say, the market doesn’t care about your feelings.

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2025-03-09 14:42