Bitcoin ETF: The “Seal of Approval” BTC Needs, According to Mike Novogratz
In a recent interview, founder of crypto investment firm Galaxy Digital, Mike Novogratz, expressed his belief that the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) would be a significant endorsement for Bitcoin by the United States government and the Securities and Exchange Commission (SEC). Novogratz emphasized the importance of adoption in the crypto market, particularly for those who are hesitant to invest in cryptocurrencies.
Spot Bitcoin ETFs: A Signal of Adoption
Novogratz highlighted the various spot Bitcoin ETF filings before the SEC, including one from BlackRock, a $10 trillion asset manager. He believes that these filings, along with others from companies like Valkyrie, Invesco, VanEck, WisdomTree, Fidelity, ARK Invest, and 21Shares, indicate that adoption is on the horizon. According to Novogratz, the approval of a spot Bitcoin ETF would serve as an “easy first step” for many investors to enter the crypto market.
The “Seal of Approval”
Novogratz sees the approval of a spot Bitcoin ETF as a crucial endorsement from the SEC and the U.S. government. He explained that the existence of a well-established infrastructure for ETFs, combined with the efforts of these major asset management firms, would give individuals access to Bitcoin investments who previously did not have it.
Hurdles and Progress
While Novogratz believes in the potential of spot Bitcoin ETFs, he acknowledged the challenges posed by the current SEC stance on crypto regulation. He acknowledged the agency’s strict approach and hinted that a change of heart within the SEC or a change in administration might be necessary to see real progress in crypto regulation in the U.S.
Novogratz remains optimistic about the future price of Bitcoin and expects it to end the year on a high note. He emphasized the significance of surpassing the previous highs and suggested that it could lead to further price increases.
Preserving History with NFTs
The article concludes by suggesting readers collect it as a Non-Fungible Token (NFT) to commemorate this moment in history and support independent journalism in the crypto space.
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