Bitcoin Bull Mike Novogratz Anticipates SEC Approval for Spot BTC ETF, Predicts Price Surge

Jul 13, 2023 7:54 AM

Bitcoin, Crypto Market, Crypto Predictions, Crypto Regulations, Cryptocurrency

Mike Novogratz Predicts Approval of BTC ETF and Price Increase

Mike Novogratz, founder of Galaxy Digital and strong supporter of bitcoin, believes that the US Securities and Exchange Commission (SEC) will approve the launch of a spot BTC ETF in America. He also predicts that the price of bitcoin will increase by the end of the year.

Key Points:

Novogratz sees a possible BTC ETF as a “seal of approval” from the SEC and the US government, which could encourage broader adoption of bitcoin.
He suggests that offerings from companies like BlackRock and Invesco could attract investors who were previously unable to enter the ecosystem.
Novogratz’s own firm is also working on releasing a similar fund, although he acknowledges the challenges faced in the process.
Additionally, he believes that bitcoin’s USD valuation will rise in the coming months, potentially due to a shift from the Federal Reserve.

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Hot Take:

Novogratz’s optimism for the approval of a BTC ETF and his prediction of a price increase reflect his confidence in the future of bitcoin. If an ETF is approved and more investors enter the market, it could have a significant impact on the cryptocurrency’s adoption and value.