One of the top executives at Galaxy Digital believes the US government might need to consider Bitcoin (BTC) as a potential replacement for the US dollar in the future.
In a recent chat with Bloomberg Television, Alex Thorn, who leads research at Galaxy Digital, talked about the idea of the US creating a Bitcoin strategic reserve (BSR). He mentioned that it should be “fairly straightforward.”
Thorn pointed out that nearly all fiat currencies have eventually failed. So, it’s “reasonable” for the US to explore alternatives.
“I’m not sure if it will happen, but the game theory is pretty clear,” he said. “Countries are already getting into Bitcoin. Some, like El Salvador, are using it directly. Others are mining it or looking for ways to acquire it.”
He continued, “With the new administration seeming positive about Bitcoin and crypto, it would be unwise for other nations not to rethink their crypto policies. They need to stay competitive.”
Thorn added, “Every fiat currency in history has collapsed. I don’t know if our politics is ready to think long-term about what could come after the dollar, even if that’s a hundred years down the line. But it makes sense to consider Bitcoin.”
Galaxy CEO Mike Novogratz recently stated that if the US government moves ahead with a Bitcoin reserve, BTC could potentially reach $500,000.
“If we get the Bitcoin reserve, I won’t be upset. If you see me crying, those will be crocodile tears. I really believe Bitcoin could hit $500,000,” he said.
“This changes everything. It forces other countries to adapt, and many are already buying Bitcoin. A friend of mine, who introduced me to Bitcoin back in 2013, is currently in the Middle East. He told me he’s never seen interest like this before. In just three days, he’s convinced more people to buy Bitcoin than ever in his career. These are huge pools of capital. We’re witnessing a global shift.”
“When Trump said he wanted to be a crypto president, a Bitcoin president, and now he’s in that role, other leaders are paying attention. I think we’re gearing up for an incredible rally,” he concluded.