- Mike Novogratz, founder of Galaxy Digital, predicts the approval of spot Bitcoin
ETFs. - Novogratz believes the rise in Bitcoin’s price will contribute to the approval of these ETFs.
- He also suggests that the approval of a Bitcoin ETF could help Bitcoin become more widely accepted among investors.
Spot Bitcoin ETFs: A Prediction of Approval
Mike Novogratz’s Optimistic Outlook
Mike Novogratz, the founder of Galaxy Digital Holdings Ltd., is confident in the rising value of Bitcoin by the end of this year. He also anticipates that the U.S. will approve Bitcoin exchange-traded funds (ETFs). Novogratz highlighted that Bitcoin is currently consolidating between $28,000 and $32,000. He also suggested that with the end of the SEC’s interest rate hikes, the digital currency could potentially see further increases.
Bitcoin’s Potential Growth
Novogratz pointed out that Bitcoin has shown significant growth in the past month, with an 18% increase and an 84% increase this year, fueled by optimism over a potential ETF approval. He noted that people have made substantial gains, leading to some supply pressure. Furthermore, he stated that the approval of a Bitcoin ETF is “likely to happen,” and this could help companies like BlackRock Inc. and Invesco reach investors they previously couldn’t, aiding in Bitcoin’s widespread acceptance.
The Impact of a Bitcoin ETF Approval
If a Bitcoin ETF gets approved, Novogratz emphasized that it would signify the SEC and the U.S. government’s acknowledgment of it as an asset. He also mentioned that Galaxy Digital Holdings Ltd. is in the process of getting listed in the U.S., although he admitted that this process is lengthy and challenging.
