Galaxy Digital CEO Predicts Approval of Bitcoin Spot ETF in January
In an interview with CNBC, Michael Novogratz, CEO of Galaxy Digital, has made predictions about the approval of a Bitcoin-based spot ETF by January. He believes that the United States Securities and Exchange Commission (SEC) will grant approval by the January 10th deadline. This decision is highly anticipated in the digital asset market as it could have a significant impact.
ETF Spot on Bitcoin predicted by Galaxy Digital CEO in January, according to forecasts
Michael Novogratz recently announced that he expects the approval of a spot Bitcoin ETF within the month of January, specifically by January 10th. The SEC is currently reviewing over a dozen requests from issuers aiming to introduce the first Spot ETF on Bitcoin in the United States. Several issuers have filed applications to launch the first Bitcoin Spot ETF in the US, making ETFs popular in the cryptocurrency sector.
7RCC Also Applies for the Bitcoin Spot ETF
The cryptocurrency company 7RCC has formally submitted a request to issue a Bitcoin spot ETF. They join other major asset managers seeking approval from the SEC for such investment products. The ETF aims to track daily variations in the price of Bitcoin and the value of Carbon Credit Futures. 7RCC plans to appoint Gemini as custodian of the Bitcoin assets of the fund.
Grayscale CEO Discusses Revolutionary Impact of ETF Approval
Grayscale’s CEO, Michael Sonnenshein, has explored the potential implications of a Bitcoin ETF approval in the US. He believes that approximately $30 trillion of recommended wealth remains untapped and could pour into the cryptocurrency market following this approval. Sonnenshein emphasizes that Bitcoin ETFs would further legitimize the market and provide an accessible investment channel for a wide range of investors.
Hot Take: Potential Approval of Bitcoin Spot ETF Could Transform the Market
The potential approval of a Bitcoin spot ETF in January could have a revolutionary impact on the cryptocurrency market. It would attract significant investment from wealth advisors and their clients, who have been waiting for more regulated and direct investment options. This influx of funds could lead to a significant change in the market landscape. Additionally, the approval would further legitimize Bitcoin and provide an entry point for investors who have been hesitant to get involved with cryptocurrencies. Overall, this development represents a crucial step towards the integration of cryptocurrencies into major investment strategies.
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