Citing insider contacts at BlackRock and Invesco, Galaxy Digital CEO Mike Novogratz said institutional players believe regulatory approval for a spot Bitcoin exchange-traded fund is a “matter of when not if.”
Novogratz made the statement during the company’s second quarter on Aug. 8. He added that the contacts expect the SEC to give the green light to spot Bitcoin ETFs in the next four to six months.
The CEO of Galaxy Digital said Bitcoin ETF filings from key players like BlackRock have caused sentiment among institutional investors to begin to shift towards a more positive outlook for the flagship cryptocurrency.
The shift is most apparent with BlackRock CEO Larry Fink, who said in 2017 that Bitcoin was just a “speculative investment” but has since changed his mind on the matter – likely leading to Bitcoin’s adoption costs for the wealth management industry.
Novogratz said Fink has been advocating for Bitcoin as the first “global money,” which has given the digital asset more credibility for the traditional financial industry.
According to Novogratz, the approval of the Bitcoin ETF on the spot is the floodgate that will let institutional money into the crypto industry because it will become “very easy for people to make big allocations in the space.”
Novogratz also reaffirmed Galaxy Digital’s intention to aggressively pursue a share of the ETF market share, saying:
“We’re going to fight like cats and dogs to gain market share once it’s approved.”
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