In an Oct. 18 interviewMike Novogratz, the CEO of Galaxy Digital, expressed confidence in the upcoming approval of a Bitcoin Exchange Traded Fund (ETF), saying: “Yes, it will be approved.”
Speaking SquawkBoxNovogratz highlighted the perceived shift in the U.S. Securities and Exchange Commission’s (SEC) position on such ETFs. According to the CEO, significant progress has been made in the dialogue with the SEC, pointing to an early approval, possibly in 2023.
Novogratz drew attention to the SEC’s recent decision not to appeal a decision in the legal battle with Grayscale, saying this decision could be critical.
He said of the ruling:
“The judge said… you have a futures ETF, and you say you can’t have a cash ETF. That doesn’t make sense intellectually. And I think that put the SEC on the back foot. And I think Gensler needs a win: there is enormous pressure to do something that is rational. The American public wants this. BlackRock, the largest asset manager in the world, is publicly saying we’re going to get this done… it feels like the dialogue with the SEC is all going in the right direction.
The CEO of Galaxy Digital suggested that the underlying shift in sentiment and the growing acceptance of Bitcoin as a credible asset by institutional players like Blackrock are contributing to this optimistic outlook.
Additionally, Novogratz said that the public filings and comments regarding the Bitcoin ETF approval process have become more constructive, implying that the SEC’s approach to thinking about Bitcoin ETFs has fundamentally changed.
Nevertheless, Novogratz’s predictions must be placed in context. Critics argue that his vested interests in Bitcoin and its wider adoption could influence his views. Nevertheless, there is perceived momentum building around the approval of a spot Bitcoin ETF.
Novogratz further noted that the market would likely react positively to such an approval, indicating a possible increase in Bitcoin’s value. He emphasized that this potential increase is not just speculation, but is supported by the efforts of major players such as BlackRock, Invesco and Fidelity.
The post ‘Yes, It’ll Be Approved’: Mike Novogratz Predicts Approval for Spot Bitcoin ETFs in 2023 appeared first on CryptoSlate.