One of Galaxy Digital’s top executives says that the US government may be forced to look at Bitcoin (BTC) as a potential replacement for the US dollar in the future.
In a new interview with Bloomberg Television, Galaxy Digital’s head of firmwide research Alex Thorn comments on the potential for the US to launch a Bitcoin strategic reserve (BSR), saying it should be “fairly straightforward.”
Thorn notes that virtually all fiat currencies have ultimately failed, making it “reasonable” for the US government to start looking at alternatives.
“I don’t know if it’s going to happen, I think the game theory is pretty straightforward. You’ve already got countries with Bitcoin exposure either directly like El Salvador, [or] a number of them mining Bitcoin, other employing ventures to mine or acquire Bitcoin.
Given how positive the incoming administration appears to be towards Bitcoin in particular, but also crypto, it would be kind of insane if you’re a foreign nation not to look at adjusting or trying to match your crypto policy at least for competitiveness reasons.
So that plays back towards the US as well. I think every fiat currency in the history of the world has collapsed. So I don’t know if our politics is ready to think long-term about what might come after the dollar, even if it’s another hundred years, but it’s reasonable to wonder and look at Bitcoin as a possibility.”
Galaxy CEO Mike Novogratz recently said that if the US government follows through with launching a Bitcoin reserve, BTC will likely hit $500,000.
“…If we get the Bitcoin reserve and as a guy that owns a lot of Bitcoin, I will not cry. And if you see me crying, they will be crocodile tears. I think Bitcoin heads to $500,000…
It’s a whole different paradigm because it forces every other country and countries are already buying. And I’ve got a dear friend, the guy who turned me on to Bitcoin in 2013 who’s in the Middle East right now. And he said he’s never seen anything like it. He’s convincing more people to buy Bitcoin in the three days he’s been there than at any time in his whole career. And they’re huge pools of capital. And so we’re seeing something globally.
When Trump advocated in Nashville that he was going to be a crypto president, a Bitcoin president, and now he’s the president, let me tell you, other leaders heard that. And so I think we’re strapping in for what could be an amazing rally.”
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