Mike Novogratz, billionaire founder and CEO of Galaxy Digital, a leading crypto investment firm, expressed his optimism regarding the approval of a Bitcoin spot exchange-traded fund (ETF) in the US.
He said he believes the SEC will approve a Bitcoin spot ETF in the next four to six months, based on positive signals from the industry and regulator:
“This is a big deal, because our contacts on both Invesco and BlackRock side suggest that this is not an 'if' but a 'when' question, possibly a six-month timeframe. So the calf's tail will break off in four to six months, so to speak.”
Novogratz also stated that there will be significant struggles to gain market share after BlackRock and their affiliate Invesco Bitcoin ETF applications are approved.
Novogratz is one of the strongest and most influential advocates of Bitcoin and cryptocurrencies. It has been investing and building businesses around this asset class that has been developing for years. He said he expects more adoption and innovation in the future in the crypto space, particularly with the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs).
*Not investment advice.
