According to Mike Novogratz, the approval of a Bitcoin exchange-traded fund (ETF) would significantly endorse Bitcoin by the U.S. government and its securities regulator. In an interview with Bloomberg TV on July 12, the founder of Galaxy Digital discussed various filings for spot Bitcoin ETFs with the SEC, including one from BlackRock, a $10 trillion asset manager.
Novogratz believes that the involvement of BlackRock, Invesco, and other ETF providers signals the upcoming adoption of Bitcoin. He acknowledged that many individuals are hesitant about investing in cryptocurrencies but approving a spot Bitcoin ETF would provide an accessible entry point for most investors.
He emphasised that if such approval were to occur, it would be seen as an official endorsement by the SEC and the U.S. government, carrying significant weight in the industry. The presence of a robust infrastructure for ETFs, with proposed offerings from Valkyrie, Invesco, VanEck, WisdomTree, Fidelity, and a joint fund by ARK Invest and 21Shares, also awaits approval. Many of these proposals would likely be approved, enabling wider access to cryptocurrency investments.
Novogratz acknowledged the SEC’s cautious approach towards crypto and mentioned that the agency has yet to approve any significant offerings. He believes that a change of heart within the SEC or a change in the administration would be necessary for substantial progress in crypto regulation in the United States.
Regarding Galaxy and Invesco’s spot Bitcoin ETF listing timeline, Novogratz was noncommittal, citing the SEC’s stubbornness and uncompromising stance on cryptocurrencies. He described the listing process as long and frustrating but did not provide further details.
Novogratz predicted a bullish outlook for Bitcoin’s price, anticipating a high by the end of the year. However, he mentioned that breaking the previous price record would be crucial in achieving further positive momentum.
The article concludes by encouraging readers to acquire it as an NFT, treating it as a historic moment in crypto journalism and supporting independent reporting in the cryptocurrency industry.
