Galaxy Digital’s Chief Executive Officer, Mike Novogratz, has voiced his belief that a Bitcoin exchange-traded fund (ETF) will receive the green light from the U.S. Securities and Exchange Commission (SEC) within this year. During an interview conducted on October 18, Novogratz highlighted what he perceives as a change in the SEC’s attitude towards such ETFs.
Novogratz thinks that there has been a notable advancement in discussions with the SEC, indicating that approval could be on the horizon, possibly in 2023. He highlighted the SEC’s recent choice not to contest a ruling in its legal dispute with Grayscale.
He quoted the judge’s words, stating that it is intellectually nonsensical to allow a futures ETF but not a cash ETF. Novogratz believes this has put the SEC in a defensive position.
Bitcoin ETF Could Become a Reality This Year
The CEO of Galaxy Digital, Mike Novogratz, has indicated that a fundamental change in attitude, coupled with Bitcoin’s increasing recognition as a legitimate asset by institutional entities such as Blackrock, is fueling a positive perspective.
"We think a #Bitcoin ETF will be approved this year in 2023. All the indications of dealing seem to be heading in the right direction," says @novogratz on #crypto. "There's a tremendous amount of pressure to do something that is rational. The American public wants this." pic.twitter.com/ozY3gOiSyi
— Squawk Box (@SquawkCNBC) October 18, 2023
In addition, Novogratz pointed out that the discourse surrounding the approval process for Bitcoin ETFs, as seen in public documents and comments, has taken a more positive turn. This suggests a significant shift in the SEC’s perspective on Bitcoin ETFs.
While Novogratz’s forecasts are noteworthy, they should be viewed in light of his personal stake in Bitcoin and its wider acceptance, which critics suggest may color his perspective. However, there is a growing sense of anticipation surrounding the approval of a spot Bitcoin ETF.
Novogratz also mentioned that any such approval would likely be met with a positive market response, potentially leading to a rise in Bitcoin’s value. He stressed that this potential increase is not just speculative but is supported by the commitment of major entities such as BlackRock, Invesco, and Fidelity.
In conclusion, while there is no certainty about when exactly a Bitcoin ETF will be approved by the SEC, there is growing optimism within industry circles. As Mike Novogratz puts it, “Yeah, it’s gonna get approved”.
