In a recent interview with Bloomberg, Mike Novogratz shared his views on BlackRock CEO Larry Fink and Bitcoin (BTC). The expert believes that Bitcoin will see the value it deserves in the coming years.
“Bitcoin Will Become a Global Currency!”
Novogratz, the CEO of cryptocurrency-focused financial services company Galaxy Digital, emphasized that Fink’s statement about Bitcoin being the most important thing this year is due to BlackRock’s application for a Bitcoin exchange-traded fund (ETF). The expert stated that BlackRock’s CEO was skeptical about cryptocurrencies, but now he says, “BTC will become a global currency” due to changing conditions and increasing popularity.
Mike Novogratz said that BlackRock, one of the world’s largest asset management companies, leading the way amidst the frenzy for a spot Bitcoin ETF, which is likely to receive regulatory approval in the US, is part of an “adoption cycle” in the cryptocurrency industry.
The US Securities and Exchange Commission (SEC) has rejected dozens of applications to list spot Bitcoin ETFs, which are seen as a significant factor preventing broader mainstream cryptocurrency acceptance. BlackRock’s application included a “surveillance sharing” agreement that was expected to provide protection against market manipulation and make it more acceptable to the SEC. Several other asset managers have since refiled their applications, including such an agreement.
Comment on the SEC Ripple Case!
Mike Novogratz also referred to Ripple‘s partial victory against the SEC in their legal battle as a victory for the crypto industry because, according to the expert, it shows that the “rules are not clear.” The judge in the case ruled that contrary to the SEC’s long-held view, the sale of XRP tokens on exchanges and through algorithms did not constitute an investment contract.
BlackRock’s ETF application made a big impact on the cryptocurrency agenda. The application caused a significant stir in the general markets, especially for the leading cryptocurrency, Bitcoin.
