Billionaire Mike Novogratz, the founder, and CEO of Galaxy Digital, has reiterated his belief that the SEC will approve Bitcoin Spot ETF directly investing in Bitcoin by the end of this year. Novogratz made this statement during the AIM Summit conference in Dubai, where he anticipated regulatory green lights for Bitcoin spot ETFs, although actual trading might not commence until 2024.
Bitcoin Spot ETF Anticipated Approval and Industry Developments
Novogratz’s optimism stems from his conviction that the SEC will give the nod to spot ETFs in December, a sentiment shared by many in the cryptocurrency community. Notably, various asset managers, including Novogratz’s own Galaxy Digital in collaboration with Invesco, are gearing up to submit their applications for SEC consideration. This anticipation aligns with Bloomberg analysts’ estimation, indicating a high likelihood, around 90%, of BTC spot ETFs gaining approval. Moreover, the recent legal victory of Grayscale against the SEC has further shaped the regulatory landscape, signaling a positive trend for cryptocurrency-based financial products.
Read more: BlackRock’s iShares Bitcoin ETF Resurfaces, Sparking Market Frenzy
Ethereum Spot ETFs and Novogratz’s Cryptocurrency Advocacy
Looking beyond Bitcoin, industry experts anticipate that the approval of Ethereum spot ETFs could mark the next significant development. However, Novogratz’s influence in the market has not been without controversy. While he is a staunch advocate for cryptocurrencies, his association with the Terra (LUNA) scandal, particularly his pro-LUNA statements before its collapse, has attracted criticism. Despite this, Novogratz remains a prominent figure in the crypto space, offering insights and predictions that significantly impact market sentiments.
Read more: SEC Delays Decision on ARK 21Shares and VanEck Spot Ether ETFs
Conclusion
As the cryptocurrency market continues to evolve, the anticipation surrounding the approval of Bitcoin spot ETFs remains high. With industry leaders like Mike Novogratz expressing confidence in regulatory decisions, the market eagerly awaits the potential expansion of investment opportunities. While Novogratz’s past associations may raise questions, his bullish stance on cryptocurrencies, coupled with positive regulatory trends, underlines the ongoing transformation of traditional financial markets in the face of digital assets. Investors and enthusiasts alike remain vigilant, observing these developments that could reshape the future of cryptocurrency investments.
