Mike Novogratz Foresees 2023 Approval for Bitcoin Spot ETFs

Mike Novogratz, the CEO of Galaxy Digital, has expressed strong optimism regarding the approval of a spot Bitcoin exchange-traded fund (ETF) in the near future. In a recent interview on SquawkBox, Novogratz stated, “Yeah, it’s gonna get approved,” hinting at a potential green light in 2023.

Novogratz highlighted the apparent shift in the U.S. Securities and Exchange Commission’s (SEC) perspective on Bitcoin ETFs. He believes that the ongoing discussions with the SEC have been progressing positively, indicating a likely approval.

A significant point of reference for Novogratz was the SEC’s recent decision not to contest a ruling in its case against Grayscale. He remarked on the decision, emphasizing the inconsistency in the SEC’s stance on futures ETFs versus cash ETFs. Novogratz believes that this ruling has put the SEC in a challenging position, especially with the mounting pressure to make a rational decision that aligns with public demand.

He further emphasized the growing acceptance of Bitcoin by major institutional entities like BlackRock, which he sees as a testament to the changing sentiment towards the cryptocurrency.

However, while Novogratz’s predictions are optimistic, they should be viewed with caution. His significant stake in Bitcoin and its broader adoption could potentially influence his perspective. Yet, the momentum around the approval of a spot Bitcoin ETF is undeniable.

Novogratz also speculated on the market’s reaction to such an approval, suggesting a potential uptick in Bitcoin’s value. He believes that this isn’t mere speculation but is supported by the involvement of significant players in the financial world, including BlackRock, Invesco, and Fidelity.

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