Galaxy Digital Holdings CEO Michael Novogratz is optimistic about the SEC’s decision on Bitcoin ETFs.
Famous investor Mike Novogratz, US Securities and Exchange Commission (SEC) applications for spot Bitcoin ETF will approve it by the end of this year he thinks.
Speaking in an interview with CNBC, Novogratz said that the applications “will be approved” said and “We believe it will happen within this year, in 2023.” he added.
The notion that the SEC would approve spot Bitcoin exchange-traded funds gained ground following Grayscale Investments’ court win in August. In line with this decision, Grayscale’s ETF application reevaluate The SEC has not yet appealed the court decision.
Galaxy Digital CEO also made this statement about why spot Bitcoin ETFs will be approved:
“The SEC lost in court … the judge said (to the SEC), ‘You say you have an ETF for futures, but you can’t have an ETF for spot. This doesn’t make any sense mentally.’ said.”
According to Novogratz, this attitude of the court towards the SEC makes the SEC “left it upside down.”
Apart from Grayscale, there are also big names such as BlackRock and Fidelity who want to establish a spot exchange traded fund (ETF) for Bitcoin. Some lawmakers in the USA, thanks to the Bitcoin ETFs to be established investors can trade in a safer environment he thinks.
“That’s what the American people want, too.” said Novogratz, “BlackRock, the world’s largest asset manager, says openly, ‘We will handle this.'” said.