In a recent interview with CNBC, Michael Novogratz, CEO of Galaxy Digital, shared his predictions regarding the approval of the highly anticipated Bitcoin Exchange-Traded Funds (ETFs) in January. Novogratz expressed confidence that the United States Securities and Exchange Commission (SEC) will grant approval before the set deadline of January 10.
The CEO of Galaxy Digital announced that he expects the approval of a Bitcoin ETF in early January, specifically before January 10. Currently, the SEC is reviewing several applications from issuers seeking to introduce the first Bitcoin ETF in the United States.
The decision, eagerly awaited in the digital asset market, could have a significant impact, and the blockchain industry is closely monitoring the process. Throughout 2023, ETFs became particularly popular in the cryptocurrency sector, with several issuers submitting applications to the SEC to launch the first BTC ETF in the United States.
Various Analysts Are Optimistic About the Future of the Bitcoin ETF
If this product enters the market, exponential growth in BTC demand is expected. Additionally, it would almost coincide with the upcoming Bitcoin halving event, expected to take place between April and May 2024. Therefore, high demand combined with a halving of rewards for each mined block should result in tremendous price growth.
Novogratz, optimistic about the potential approval, links this perspective to the accommodative stance of the Federal Reserve and the upcoming interest rate cuts.
The CEO set January 10 as a “deadline” for the decision, considering it crucial in the SEC Chairman Gary Gensler’s calendar. James Seyffart from Bloomberg also pointed to the period from January 5 to 10 as the most likely window for a decision, suggesting that approval could occur between the 8th and 10th of that month.
This perspective aligns with Novogratz’s optimism about the potential approval of the ETF. The community will closely follow any emerging developments. We are just a few days away from knowing the outcome and witnessing its impact on the market, an impact that could be historic.