Billionaire and Crypto Investor Mike Novogratz Predicts Approval of Bitcoin ETF in 2023
Galaxy Digital CEO Mike Novogratz has revised his prediction for the approval of a spot bitcoin exchange-traded fund (ETF). Previously, he anticipated that the U.S. Securities and Exchange Commission (SEC) would approve it within four to six months. However, during an interview with Andrew Ross Sorkin on CNBC’s “Squawk Box,” Novogratz stated that he now believes the approval will come in 2023.
Novogratz expressed confidence in the approval, stating that all indications point to it happening this year. He referred to public commentary and filings that have shown a more constructive attitude towards bitcoin. Additionally, Galaxy Digital has been in discussions with the SEC regarding the ETF.
Galaxy Digital’s Collaboration and Positive Market Indicators
Galaxy Digital has partnered with Invesco and competes with other major financial firms in launching a spot-settled ETF. The company is working with Invesco on two ETFs: the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) and the SATO ETF. Novogratz highlighted the significant psychological shift surrounding bitcoin, as it is now recognized as a macro asset by the SEC.
Novogratz pointed out that recent events indicate imminent approval. He referenced Blackrock CEO Larry Fink’s comments about the surge in interest following false rumors of ETF approval. Novogratz also emphasized Fidelity’s amendment to its spot bitcoin ETF filing, further supporting his belief in approval. According to him, there is strong public demand for a bitcoin ETF.
Hot Take: Bitcoin ETF Approval Expected in 2023
Galaxy Digital CEO Mike Novogratz predicts that a spot bitcoin ETF will be approved in 2023. He believes that the SEC’s positive discussions and the changing perception of bitcoin as a macro asset indicate imminent approval. Novogratz’s confidence is supported by market indicators, such as Blackrock’s interest and Fidelity’s amended filing. With the growing demand for a bitcoin ETF, it seems likely that the approval will happen this year, marking a significant milestone for the cryptocurrency industry.
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