Billionaire Mike Novogratz says submitting a BlackRock application for a Bitcoin (BTC) exchange-traded fund (ETF) is the best thing that could happen to the crypto king.
In a new interview on The Claman Countdown, the CEO of Galaxy Digital say that he hopes BlackRock, an investment firm with more than $10 trillion in assets under management, succeeds because it would make it easier for blue-chip investors to dive into the space.
However, at the time of writing, all BTC ETF applications submitted to the US Securities and Exchange Commission (SEC) for approval have so far been rejected.
“I say a Hail Mary and two Our Fathers every night that they are successful. If [BlackRock chief executive] Larry Fink can pull it off, that’s a staggeringly big deal for the space as it becomes very easy for institutions to participate [as] they are the largest asset manager in the world…
There’s no reason why we shouldn’t have a Bitcoin ETF, we have a futures ETF. The judge has already chastised the SEC a little bit for the insanity of that in the Grayscale case, so we’ll see.
Further elaboration of his point of view, Novogratz tells his 463,000 Twitter followers that BlackRock’s success in its bid for a BTC ETF would be optimal for the top crypto assets by market capitalization.
“BlackRock getting through a BTC ETF would be the best thing that could happen to BTC.”
BlackRock initially archived a filing with the SEC for the iShares Bitcoin Trust on June 15. Other companies that tried to create BTC ETFs include Grayscale, VanEck, and Cathie Wood’s ARK Invest.
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Featured image: Shutterstock/studiostoks/Natalia Siiatovskaia