Mike is certain that a spot Bitcoin ETF will be approved by the SEC in the near future.
The CEO said that a shift in attitude at the SEC or a new administration could be required.
Bitcoin, according to crypto billionaire Mike Novogratz, will experience major increases by this year-end. In a recent interview with Bloomberg, Novogratz predicted that Bitcoin’s current consolidation period, between $28,000 and $32,000, will be followed by a significant increase.
According to him, this upsurge might happen if the authorities in the United States do a u-turn or flinch in response to the rising popularity of Bitcoin. Novogratz said that the price of Bitcoin did not appear to be much affected by BlackRock’s announcement of its exchange-traded fund (ETF).
But he argued that this doesn’t diminish the potential of ETFs to accelerate Bitcoin’s mainstream adoption. He said that these ETF providers showcase upcoming adoption.
All Eyes on SEC
The CEO of Galaxy Digital is certain that a spot Bitcoin ETF will be approved by the SEC in the future, despite the SEC’s past reluctance to embrace cryptocurrencies. According to Novogratz, this would be the equivalent of the U.S. government stamping its approval on Bitcoin, proving that it has arrived as a legitimate asset class.
In addition, he emphasized the significance of large sales staff, such as those at BlackRock and Invesco, in gaining new clients. Also, the SEC continues to take a “really tough” posture on cryptocurrencies, Novogratz said, and this makes the regulatory situation in the United States difficult.
Moreover, he said that a shift in attitude at the SEC or a new administration could be required for significant progress to be made in crypto regulation in the United States. Regardless, he has an optimistic stance on Bitcoin and the crypto sector as a whole, anticipating increased trading by the end of 2023.