Mike Novogratz, CEO of Galaxy Digital, anticipates that a spot bitcoin exchange-traded fund (ETF) will be authorized in 2023. The American investor said on Wednesday, "We think it happens this year. It's going to get approved.
A 'Huge Psychological Shift' Has Occurred, According to Billionaire and Crypto Investor Mike Novogratz
Mike Novogratz, CEO of Galaxy Digital, has increased his projection for a spot bitcoin ETF since making it in August. Novogratz predicted one would be approved by the U.S. Securities and Exchange Commission (SEC) within four to six months in mid-August. On CNBC's "Squawk Box," he claimed it will probably be authorized in 2023, although that was during their conversation on Wednesday.
"It's going to get approved, we think it happens this year in 2023," Novogratz said. All signs, he continued, point to it happening this year. Further citing public commentary and filings, the CEO of Galaxy noted that "people's comments are much more constructive."
To introduce a spot-settled exchange-traded fund, Galaxy Digital has collaborated with Invesco and is in competition with a number of significant financial institutions. Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, or "BLKC," and the "SATO" ETF are products of the company's partnership with Invesco. The SEC and Galaxy have been talking about the ETF, according to Novogratz.
"[The SEC] no longer discusses [bitcoin's] operation or significance. Simply being acknowledged as a macro asset is a significant psychological shift, according to Novogratz, who spoke on Wednesday.
He thinks that the circumstances right now point to impending approval. His comments echo those of Blackrock CEO Larry Fink, who labeled the recent uptick that followed erroneous ETF approval rumors as a "flight to quality." Blackrock's remarks were underlined by Novogratz, who emphasized that their engagement is a promising sign. He emphasized further that "The public wants this." Following Fidelity's amendment to their spot bitcoin ETF application on October 17, Novogratz made his remarks.
What do you think of Novogratz's remarks on the approval of a spot bitcoin ETF this year? Do you concur with his forecast? Post your ideas and viewpoints on this topic in the comments area below.