Experts Discuss Bitcoin's Future as Reserve Asset

Galaxy Digital CEO Michael Novogratz believes Bitcoin could soar to $500,000 if adopted as a reserve asset by countries, although he sees this as unlikely due to political divisions in the U.S. Congress. He emphasizes the growing institutional interest in Bitcoin as a hedge against inflation, especially given the U.S. government's substantial debt. Meanwhile, Bitwise CIO Matthew Hougan concurs that Bitcoin's journey is just beginning, anticipating it will reach the $500,000 mark as it matures into a widely accepted store of value like gold. He notes that Bitcoin must capture a greater share of the $20 trillion store-of-value market to reach this price. Both experts highlight the increasing demand for Bitcoin amid rising government debts and currency pressures, suggesting that the cryptocurrency is gaining traction among investors. However, caution remains prevalent among institutional investors, with regulatory bodies advising careful consideration of Bitcoin investments.