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The CEO of Galaxy Digital, Mike Novogratz, has expressed his anticipation for the approval of a spot bitcoin exchange-traded fund (ETF) in 2023. Novogratz, a prominent American investor, shared his outlook during a recent interview.

Billionaire Crypto Investor, Mike Novogratz, Sees a Significant Shift in Sentiment

Mike Novogratz, the CEO of Galaxy Digital, has adjusted his previous prediction regarding a spot bitcoin ETF. Back in August, he had foreseen the U.S. Securities and Exchange Commission (SEC) granting approval within a timeframe of four to six months. However, during a conversation with Andrew Ross Sorkin on CNBC’s “Squawk Box,” he revised his estimate, suggesting that it is likely to receive approval in 2023.

Novogratz confidently stated, “It’s going to get approved; we think it happens this year in 2023,” emphasizing that various indicators support this belief. He also pointed to public commentary and regulatory filings, highlighting that “people’s comments are much more constructive” now.

Galaxy Digital has joined forces with Invesco and is competing with several major financial institutions to introduce a spot-settled exchange-traded fund. Their collaboration with Invesco has resulted in the creation of the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF, known as “BLKC,” as well as the “SATO” ETF. Novogratz revealed that the SEC has engaged in discussions with Galaxy Digital concerning the ETF.

He observed, “[The SEC is] no longer talking about how [bitcoin] works or why it’s important. It’s just a recognized macro asset, and that’s a significant psychological shift,” underscoring the evolving perception of Bitcoin in the financial world.

Novogratz’s optimism is further fueled by recent events. Blackrock CEO Larry Fink’s comments, in response to false ETF approval rumors, described the ensuing market surge as a “flight to quality.” Novogratz pointed to Blackrock’s remarks as a positive sign and emphasized, “The public wants this.” His statements follow Fidelity’s amendment of its spot bitcoin ETF filing on October 17.

What are your thoughts on Novogratz’s outlook regarding the approval of a spot bitcoin ETF this year? Do you share his prediction? Please feel free to share your insights and opinions on this matter in the comments section below.

Frequently Asked Questions (FAQs) about Bitcoin ETF Approval

What is the main prediction made by Mike Novogratz in this text?

Mike Novogratz’s main prediction in this text is that a spot bitcoin exchange-traded fund (ETF) will receive approval in 2023.

How has Mike Novogratz adjusted his previous forecast?

In August, Mike Novogratz initially expected the SEC to approve a spot bitcoin ETF within four to six months. However, in this text, he revised his estimate, suggesting that approval is likely to happen in 2023.

What factors support Mike Novogratz’s prediction?

Mike Novogratz’s prediction is based on various factors, including public commentary, regulatory filings, and a perceived shift in the perception of Bitcoin as a recognized macro asset.

Who has Galaxy Digital partnered with in the context of ETFs?

Galaxy Digital has partnered with Invesco to compete in the development of spot-settled exchange-traded funds. They have collaborated on the Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC) and the SATO ETF.

What positive indicators does Mike Novogratz highlight in this text?

Mike Novogratz points to comments from Blackrock CEO Larry Fink, describing a market surge as a “flight to quality” following false ETF approval rumors. He also emphasizes that the public’s interest in a Bitcoin ETF is a positive indicator.

What recent event related to a Bitcoin ETF does this text mention?

This text mentions that Fidelity amended its spot bitcoin ETF filing on October 17, which is a noteworthy development in the context of Bitcoin ETFs.

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5 comments

CryptoEnthusiast23 October 19, 2023 - 7:18 am

novogratz seems confident bout the ETF approvl but i dunno if SEC will act that fast

Reply
EconGeek2020 October 19, 2023 - 10:48 am

Fidelity makin moves, that’s interestin, let’s see how it all plays out

Reply
BitcoinLover1 October 19, 2023 - 1:12 pm

yeah, ETF approval cud be big boost for bitcoin price, hope it happens soon!

Reply
FinanceWizard007 October 20, 2023 - 3:16 am

spot ETF wud be huge if it happens. novogratz has some points but SEC always delays things

Reply
PoliticPundit October 20, 2023 - 5:29 am

it’s amazin how bitcoin’s perception is changin, from a fringe thing to macro asset, impressive!

Reply

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