The Impact of a Spot Bitcoin ETF
According to Mike Novogratz, the founder of crypto investment firm Galaxy Digital, the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) by the United States government and its securities regulator would be a “seal of approval” for the cryptocurrency. This would make it much easier for investors to start investing in BTC, as the approval of a spot Bitcoin ETF would be an “easy first step” for most.
This sentiment was echoed in a July 12 interview with Bloomberg TV, as Novogratz noted the multiple spot Bitcoin ETF filings before the Securities and Exchange Commission (SEC), including one from the $10 trillion asset manager BlackRock. He said that the filings are “a real signal that adoption is coming.”
The crypto.com, motley fool crypto, crypto solana, crypto.net, crypto api, crypto.com reddit, polygon crypto today, fx crypto, lucky block crypto, and saitama crypto communities are all watching to see if the SEC will approve a spot Bitcoin ETF, as it could be a major step forward for the industry.
Cryptocurrency ETFs in the Pipeline
Mike Novogratz, founder of Galaxy Digital, recently discussed the “giant infrastructure” of proposed ETFs for cryptocurrencies on the Motley Fool Crypto. Valkyrie, Invesco, VanEck, WisdomTree, Fidelity and a joint fund by ARK Invest and 21Shares are all in the pipeline for approval. Novogratz believes that many of these will likely end up being approved.
SEC chair Gary Gensler has previously stated that “everything other than Bitcoin” falls under his agency’s purview and other crypto projects “are securities” as there are typically known developers and profits are anticipated based on their work.
Novogratz was hesitant to comment on whether Galaxy and Invesco’s spot Bitcoin ETF would be able to list before the end of the year, but he did say “This SEC has been really stubborn and really tough on crypto.”
“No one of significance has managed to complete the registration process yet. We have been going through this process for a long time and it has been very difficult,” Novogratz said.
The crypto.com CEO predicted that the price of Bitcoin will reach a high by the end of the year. “If you take out the top, we will have a good increase,” he said.
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