Bitcoin Could Surge Above ATH After SEC Approves Spot BTC ETFs, Says Mike Novogratz
According to Mike Novogratz, the CEO of Galaxy Digital, Bitcoin has the potential to quickly surpass its previous all-time high (ATH) once the U.S. Securities and Exchange Commission (SEC) grants approval for spot Bitcoin exchange-traded funds (ETFs). This anticipated development is expected to occur by January 2024.
“Prices are set on the margin, so that’s all new money. We will see a pretty successful shift of psychology when the government says you are allowed to buy Bitcoin.”
– Mike Novogratz, Galaxy Digital CEO
Novogratz believes that with the SEC’s support for spot BTC ETFs, Bitcoin’s price could reach $69,000 within a year. He expects this approval to attract significant interest from both retail and institutional investors.
Bitcoin’s Recent History and Resurgence
After experiencing multiple crashes in the crypto industry, Bitcoin’s price dropped to $16,000 just two years after reaching its ATH. In 2022, prominent entities such as Terraform Labs, Three Arrows Capital, and FTX faced bankruptcies, impacting billions of digital assets.
However, Bitcoin has witnessed a renewed demand following BlackRock’s filing for a spot Bitcoin ETF. Other issuers like ARK Invest, Bitwise, Valkyrie, and WisdomTree have also filed for similar ETFs. Grayscale, the issuer of GBTC, attempted to convert its Bitcoin trust into a spot ETF.
Since September, Bitcoin has surged by over 45%, currently trading at around $37,000 based on TradingView data. These developments have also sparked interest in Ethereum, the second-largest cryptocurrency by market capitalization, with asset managers such as Fidelity seeking approval for ETFs that invest in Ethereum.
Hot Take: Bitcoin’s Potential Growth with SEC Approval
The approval of spot Bitcoin ETFs by the SEC could pave the way for Bitcoin’s resurgence and exponential growth. Mike Novogratz’s prediction of Bitcoin surpassing its previous ATH and reaching $69,000 within a year highlights the potential impact of regulatory approval on market sentiment and investment behavior.
Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.