Mike Novogratz’s Crypto Predictions
In a recent interview with CNBC, the CEO of Galaxy Digital, Mike Novogratz, shared his thoughts on the crypto market and his predictions for the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Spot Bitcoin ETF Approval
Novogratz expressed his confidence that a spot bitcoin ETF will be approved before January 10th. He believes that once approved, these ETFs will start trading six to eight weeks later, providing more momentum to the crypto market.
Impact of Institutional Investment
The Galaxy Digital CEO highlighted the potential impact of institutions allocating just 1% of their portfolios to bitcoin or spot bitcoin ETFs. With limited supply and growing demand, Novogratz predicts that the price of bitcoin could surpass its previous all-time high of $69,000.
Debunking Terrorist Financing Claims
Novogratz rebutted the claims made by JPMorgan CEO Jamie Dimon and Senator Elizabeth Warren about crypto being used for terrorist financing. He argued that fiat currency is used for illicit activities far more than crypto and pointed out the massive fines JPMorgan has paid. He questioned the logic of banning JPMorgan when the fines it has incurred exceed the losses associated with crypto.
Progress in Crypto Regulation
Although Novogratz acknowledged that there are bills in Congress related to crypto regulation, he believes that progress will be made after the upcoming presidential election. He anticipates new leadership at the Treasury Department and the SEC which will result in significant advancements in crypto regulation.
Hot Take: Mike Novogratz’s Optimistic Outlook on Bitcoin
Galaxy Digital CEO Mike Novogratz is optimistic about the future of bitcoin, expecting the SEC to approve a spot bitcoin ETF before January 10th. He believes this approval will fuel further growth in the crypto market, potentially pushing bitcoin’s price beyond its previous all-time high of $69,000. Novogratz also dismissed claims of crypto’s involvement in terrorist financing, pointing out that fiat currency is used for illicit activities to a greater extent. Despite current regulatory challenges, he is confident that progress will be made after the upcoming presidential election, leading to significant advancements in crypto regulation.
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