Galaxy CEO Mike Novogratz and Blockstream CEO Adam Back have commented on the establishment of a strategic Bitcoin reserve by the U.S., emphasizing its significant impact. While the market was underwhelmed by the announcement that the reserve would be comprised of only forfeited coins, Novogratz believes there is potential for more buying of cryptocurrencies. Novogratz previously predicted that the price of Bitcoin could reach $500,000 if the U.S. created a Bitcoin reserve and other countries followed suit. Despite the U.S. government's endorsement, Bitcoin is currently trading at $85,728 and would need to reclaim $91,000 for bullish momentum to return. Novogratz remains bullish in the medium and long term.



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