Crypto billionaire Michael Novogratz made important statements about cryptocurrencies in an interview today. Investors were expecting the approval of the spot Bitcoin ETF before the end of the year, but the early delays from the SEC decreased hopes. So, what does Novogratz think about all these issues?
Spot Bitcoin ETF: When?
Galaxy Digital Holdings CEO Michael Novogratz also mentioned the approval of the ETF in the interview today. According to him, the spot Bitcoin ETF will definitely be approved. He even went further and said that this approval will come before the end of 2023.
Especially after the victory of Grayscale Investments in court, the possibility of approval increased in the eyes of investors. The best possible decision was three judges in the US Court of Appeals finding the Securities and Exchange Commission (SEC) unfair in terms of the ETF issue. After the file was closed on Friday, the SEC will have to review the decision again.
Billionaire’s Comment on Cryptocurrencies
Is Novogratz so confident because he knows something we don’t? In other words, based on what can the crypto billionaire say that this is not just a wish, but the approval of the ETF is really possible?
“The SEC lost in court… the judge said it doesn’t make sense for the SEC not to approve a spot ETF when there is a futures ETF. This is completely illogical and definitely puts the SEC in a difficult position.”
If Novogratz is proven right, this situation will definitely benefit his company, which partnered with Invesco for the spot Bitcoin ETF application. Issuers of ETH believe that there will be a significant demand for Bitcoin ETFs in the future. Of course, these issuers are struggling intensively to obtain an approved ETF as they will earn enormous transaction commissions.
Last month, lawmakers pressured SEC Chairman Gary Gensler to allow the spot Bitcoin ETF after the decision and argued that a regulated spot Bitcoin ETF would increase investor protection by making access to bitcoin more transparent and secure.
Lastly, Novogratz said:
“The American public wants this. BlackRock, the world’s largest asset manager, clearly says we will do this.”
After the fake ETF news, the CEO of BlackRock stated that the sudden rise of two thousand dollars reflected suppressed interest. Gensler said today that they continue to evaluate ETF applications.
