United

Chair

Galaxy

Bitcoin

Gary

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 Mike Novogratz, founder of Galaxy Digital, believes the United States government and the U.S. Securities and Exchange Commission (SEC) granting approval for a Bitcoin exchange-traded fund (ETF) would serve as a significant endorsement for the cryptocurrency. 
 Speaking in a recent Bloomberg TV interview, he noted that such approval could catalyze wider adoption as it would offer an easy entry point for many who are still hesitant to invest in cryptocurrencies. 
 Novogratz highlighted the influx of spot Bitcoin ETF applications before the SEC, including one from the $10 trillion asset manager, BlackRock. “BlackRock, Invesco, and other ETF providers signify a real indicator that adoption is forthcoming,” Novogratz stated. 
 READ MORE: <a href="https://www.cryptointelligence.co.uk/cathie-woods-ark-invest-takes-profits-from-coinbase-holdings/" rel="noopener noreferrer nofollow">Cathie Wood’s ARK Invest Takes Profits from Coinbase Holdings</a> 
 There’s a substantial infrastructure in place for these ETFs. 
 Proposals from BlackRock, Valkyrie, Invesco, VanEck, WisdomTree, Fidelity, and a joint fund by ARK Invest and 21Shares are awaiting approval. Novogratz anticipates that several, if not all, of these ETFs will likely receive the green light from the SEC. 
 He stated, “The SEC won’t just approve one; this will lead to these huge sales teams enabling access for people previously without.” 
 SEC Chair Gary Gensler has asserted that except for Bitcoin, other crypto assets fall under his agency’s jurisdiction, as they typically involve known developers and anticipated profits. 
 Regarding the likelihood of Galaxy and Invesco’s spot Bitcoin ETF obtaining a listing before the end of the year, Novogratz remained noncommittal. 
 “The SEC has been notably tough and unyielding on crypto. No significant player has yet made it through the listing process. 
 We’re engaged in that process, but it’s been lengthy and challenging,” he commented. 
 Novogratz is also optimistic about Bitcoin’s price trajectory. He predicted a year-end high for Bitcoin, stating that if the peak is breached, the cryptocurrency will enjoy a substantial uptrend. 
 He concluded, “A shift in the SEC’s stance or an administrative change would probably be needed for meaningful progress in U.S. crypto regulation.”
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Bitcoin ETF Approval Could Act as Government’s ‘Seal of Approval’

Crypto Intelligence

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