Novogratz Expects Bitcoin Price to Be ‘Significantly Higher’ After SEC Approves Spot Bitcoin ETFs

Galaxy Digital CEO Mike Novogratz expects the terms of bitcoin to beryllium importantly higher erstwhile the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “We volition spot a beauteous palmy displacement of science … erstwhile the authorities says ‘you are allowed to bargain bitcoin,'” helium described.

Mike Novogratz’s Bullish Bitcoin Prediction

Galaxy Digital CEO Michael Novogratz explained wherefore the terms of bitcoin is poised to emergence “significantly higher” successful an interrogation connected Bloomberg TV Wednesday. His bullish prediction hinges connected the imaginable support of the archetypal U.S. spot bitcoin exchange-traded money (ETF) by the Securities and Exchange Commission (SEC).

Novogratz detailed: “There’s a clump of bully things happening for bitcoin. We are going to get an ETF. Right present there’s a batch of anticipation. Some of that is built into the price.” He added that erstwhile you really get a spot bitcoin ETF announcement, which helium believes to beryllium 2 months earlier it starts trading, Blackrock, Ark, Fidelity, arsenic good arsenic his ain steadfast volition “have their income forces retired convincing radical to follow bitcoin.” The Galaxy Digital brag emphasized:

The terms is going to beryllium importantly higher particularly astatine the clip erstwhile the Fed is astir apt cutting rates.

“So, could we spell to aged highs by this clip adjacent year? Of course, we could,” helium added.

Regarding whether the terms of bitcoin could emergence higher than its all-time precocious by this clip adjacent year, Novogratz pointed out: “Remember, prices are acceptable connected the margin, and determination aren’t that galore sellers of bitcoin. We’re going to person the halving adjacent twelvemonth which means that the regular proviso oregon ostentation complaint gets chopped successful half, truthful you are truly mounting up for a fantastic story.” Moreover, helium noted: “We’re besides going into predetermination twelvemonth and that uncertainty should assistance bitcoin successful the information that the U.S., Europe, and Japan inactive can’t travel adjacent to fiscally being responsible.”

Once spot bitcoin ETFs participate the market, Novogratz predicted that billions of dollars should travel into the ETF space, if not more. He emphasized:

That’s each caller money. We volition spot a beauteous palmy displacement of science … erstwhile the authorities says ‘you are allowed to bargain bitcoin’ and institutions accidental ‘this is great.’

SEC Chairman Gary Gensler precocious stated that the securities regulator is considering betwixt eight and 10 spot bitcoin ETF applications. Many expect the SEC to approve multiple spot bitcoin ETFs astatine erstwhile aboriginal adjacent year.

Do you hold with Galaxy Digital CEO Mike Novogratz’s prediction? Let america cognize successful the comments conception below.