'Yeah, it's gonna get approved': Mike Novogratz predicts 2023 approval for spot Bitcoin ETFs
In an Oct 18. interview, Mike Novogratz, the CEO of Galaxy Digital, expressed confidence in the impending approval of a spot Bitcoin exchange-traded fund (ETF), saying, “Yeah, it’s gonna get approved.”
Speaking on SquawkBox, Novogratz emphasized the perceived shift in the U.S. Securities and Exchange Commission’s (SEC) stance on such ETFs. According to the CEO, significant progress has been made in the dialogue with the SEC, pointing towards an approval soon, potentially in 2023.
Novogratz drew attention to the SEC’s recent decision not to appeal a decision in its legal battle with Grayscale, saying the decision could prove pivotal.
He said of the ruling:
“The judge said… you have a futures ETF, and you’re saying you can’t have a cash ETF. That makes, intellectually, zero sense. And I think that put the SEC on the back foot. And I think Gensler needs a win—there’s a tremendous amount of pressure to do something that is rational. The American public wants this. BlackRock, who’s the largest asset manager in the world, is out publicly saying we’re gonna get this done… it just feels like the dialogue with the SEC is all heading in the right direction.
The Galaxy Digital CEO suggested that the underlying shift in sentiment and the growing acceptance of Bitcoin as a credible asset by institutional players like Blackrock contribute to this optimistic outlook.
Furthermore, Novogratz said that the public filings and comments regarding the Bitcoin ETF approval process have become more constructive, implying that the SEC’s approach to thinking about Bitcoin ETFs has fundamentally shifted.
Despite this, Novogratz’s predictions should be taken in context. Critics argue that his vested interest in Bitcoin and its broader acceptance might influence his views. Nevertheless, a perceived momentum is building around the approval of a spot Bitcoin ETF.
Novogratz further noted that the market would likely respond positively to any such approval, suggesting a potential surge in Bitcoin’s value. He emphasized that this potential surge is not merely speculation but is backed by the commitment of major players like BlackRock, Invesco, and Fidelity.
