The fuss around Bitcoin ETF is getting stronger and stronger with each passing day. Check out what the important billionaire Mike Novogratz has to say about the matter below.
Mike Novogratz on Bitcoin ETF
The important billionaire Mike Novogratz had something important to say about BTC ETF, which will probably take BTC’s price to the moon if it were true.
Galaxy Digital CEO, Mike Novogratz, is optimistic about the approval of a Bitcoin (BTC) exchange-traded fund (ETF) and predicts that it will be introduced before 2024.
The U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, is feeling the heat as pressure mounts to approve a spot market BTC ETF this year.
Novogratz says that all indications point towards the approval of a BTC ETF in 2023, as the SEC’s stance on the creation of a spot Bitcoin ETF was deemed inconsistent in court.
He believes that Chair Gensler is under pressure “to do something rational” and approve the ETF.
“The most significant piece was the SEC lost in court. The judge said, ‘what are you talking about, SEC? You have a futures ETF, and you’re saying you can’t have a past ETF.’
That makes, intellectually, zero sense. I think that put the SEC on the back foot. I think Gensler needs a win. There’s a tremendous amount of pressure to do something that is rational. The American public wants this.”
He also made sure to state the fact that the positive news of an ETF approval coupled with a rush of institutional capital will inevitably send crypto markets higher.
“The market will head higher on any positive news. You’re going to have [the] Invesco sales force, Blackrock sales force, Cathie Wood’s sales force – all out selling Bitcoin. Bitcoin has always been an instrument that is sold, not bought.”
Stay tuned for more news from the crypto space.
