Mike Novogratz Says Bitcoin ETF is the Required ‘Approval Seal’ for BTC

Galaxy Digital's founder recently said that approving a spot Bitcoin exchange-traded fund would act as a US regulator and government agreement for Bitcoin.

Novogratz also believes many are skeptical about investing in the crypto industry. Thus, the approval of a spot Bitcoin ETF would provide traders with an easy means of accessing and trading the asset. Also, Novogratz projects Bitcoin's (BTC) price to skyrocket at the end of the year.

Mike Novogratz on Spot Bitcoin ETF Approval

In an interview with Bloomberg TV on July 12, Mike Novogratz, the founder and CEO of the crypto investment company Galaxy Digital, commented on the situation of spot Bitcoin ETF.

He discussed several spot Bitcoin exchange-traded fund applications before the United States Securities and Exchange Commission (SEC).

Some of the top investment companies that applied for a spot in Bitcoin ETF in the US include the world's largest asset manager, BlackRock, WisdomTree, Invesco, Valkyrie, VanEck, Fidelity Digital Assets, Ark Invest, and 21Shares.

Novogratz highlighted that seeing BlackRock, Invesco, and the other ETF providers filing for a Bitcoin ETF is a true signal that broader adoption is coming. He also believes most of these filings will be approved at the end.

Many are Uncertain About Investing in Cryptocurrency

Mike Novogratz also noted that many people are skeptical about indulging in the cryptocurrency industry.Therefore, approving a spot Bitcoin ETF would provide a simplified first step for many individuals to access the asset.

He explained that a large infrastructure is set for exchange-traded funds (ETFs). Moreover, he was evasive when asked whether Invesco and Galaxy's spot Bitcoin ETF would be approved before year's end.

Novogratz stated that the SEC has been stubborn and hard on the crypto industry. In addition, he pointed out that no prominent legal entity has passed through the listing procedures. Even while they are in that process, it has been a strenuous and frustrating journey so far.

Furthermore, Mike Novogratz views a profitable future for the world's largest cryptocurrency by market cap, Bitcoin.

According to his projections, Bitcoin's price should skyrocket at the end of the year. His current focus is on the token's consolidation between the $28,000 and $32,000 range.

One of the interesting aspects of Novogratz's projection is the predicted effect of the United States Federal Reserve's monetary policy.Thus, he believes the token's price should spike after the recent interest rate hike by the FR.

In Novograt's statement, the current market conditions have been influenced by supply pressures.' Thus, he suggests that the primary profits made by some traders largely influence this situation.

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