Galaxy Digital CEO Mike Novogratz Expects Spot Bitcoin ETF Approval by January 10, Regulatory Progress After Election

Galaxy Digital CEO Mike Novogratz expects the U.S. Securities and Exchange Commission (SEC) to o.k. a spot bitcoin exchange-traded money (ETF) by Jan. 10 adjacent year. Subsequently, helium foresees the cryptocurrency reclaiming its all-time precocious of $69,000 and wouldn’t beryllium amazed if it surpasses that terms level. The enforcement besides predicts advancement successful U.S. crypto regulation, expecting changes successful enactment astatine the Treasury Department and the SEC aft the upcoming statesmanlike election.

Mike Novogratz’s Crypto Predictions

The CEO of Galaxy Digital, Mike Novogratz, discussed his perspectives connected the crypto marketplace and his expectations regarding the support of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) successful an interrogation with CNBC earlier this week.

Regarding spot bitcoin ETF approvals, the Galaxy Digital brag said:

We are gonna get this ETF earlier January 10th.

Novogratz added that spot bitcoin ETFs volition apt instrumentality six to 8 weeks aft support to commencement trading. “After that, it’s conscionable much substance for a fire,” helium stressed, emphasizing: “Crypto stocks are trading similar a maniac.”

He preceded to outline the interaction of institutions putting 1% of their portfolios into bitcoin oregon spot bitcoin ETFs. “There isn’t a batch of proviso successful bitcoin,” helium began. “We person customers that are level customers and [they] bargain capable bitcoin each time to instrumentality retired each the miners,” the enforcement claimed, adding: “When you deliberation astir the supply/demand dynamic, we haven’t truly had a concern wherever you person a planetary marketplace and you person thing of specified constricted proviso and truthful I deliberation bitcoin tin spell acold higher.” He opined:

I deliberation archetypal halt adjacent twelvemonth volition beryllium the aged high, $69,000, but it wouldn’t astonishment maine if it went beyond that.

Commenting connected the statements by JPMorgan CEO Jamie Dimon and Senator Elizabeth Warren (D-MA) regarding crypto’s usage successful violent financing, helium pointed retired that this mentation has been debunked. “Yes, immoderate crypto is utilized for atrocious things, but not astir arsenic overmuch arsenic fiat,” Novogratz stated, adding: “Jamie Dimon’s slope has paid $38 cardinal successful fines since he’s been determination — $38 billion. Add up each of the atrocious trades with crypto, it doesn’t adhd up to $38 billion, truthful should we prohibition JPMorgan?”

Regarding crypto legislation, helium noted that immoderate bills person been introduced successful Congress. “There’s a radical of Democrats and Republicans successful D.C. that privation to get authorities through. There’s 2 pieces of authorities that would truly springiness america a bully model astir some stablecoins and the remainder of crypto, and it’s Elizabeth Warren and … the Biden White House that’s stopping that.”

Nonetheless, the Galaxy Digital CEO believes that advancement volition beryllium made aft the U.S. statesmanlike predetermination adjacent year, stating:

I deliberation station this election, we volition either person a caller administration, either Democrat oregon Republican. But adjacent if Biden wins, my conjecture is there’s a caller Secretary of Treasury and a caller caput of the SEC that volition yet marque immoderate progress.

What bash you deliberation astir the statements by Galaxy Digital CEO Mike Novogratz? Let america cognize successful the comments conception below.