Mike Novogratz: Bitcoin ETF Represents Vital ‘Seal of Approval’ for BTC, Asserts Crypto Investor

According to renowned crypto investor Mike Novogratz, the approval of a spot Bitcoin exchange-traded fund (ETF) would serve as a significant “seal of approval” for Bitcoin by the U.S. government and its securities regulator, the Securities and Exchange Commission (SEC).

In a recent interview with Bloomberg TV on July 12, Novogratz discussed the various spot Bitcoin ETF applications currently pending before the SEC, including one from BlackRock, a $10 trillion asset manager.

Novogratz expressed his belief that the involvement of major ETF providers like BlackRock and Invesco indicates an imminent wave of adoption for Bitcoin. He emphasized that many individuals are still hesitant about investing in cryptocurrencies, and the approval of a spot Bitcoin ETF would provide an easy entry point for most investors to engage with the asset.

In Novogratz’s view, if the SEC greenlights a Bitcoin ETF, it would be a symbolic endorsement from the regulatory agency and the U.S. government at large. He acknowledged the presence of a robust infrastructure supporting ETFs, with proposals from companies such as Valkyrie, Invesco, VanEck, WisdomTree, Fidelity, and a joint venture between ARK Invest and 21Shares also awaiting approval. Novogratz expressed optimism that many of these proposals would eventually gain regulatory approval.

However, Novogratz noted that the SEC has been firm and unwavering in its stance on cryptocurrencies, including Bitcoin. He suggested that significant hurdles still remain for ETFs in the listing process, and it is uncertain whether Galaxy Digital and Invesco’s spot Bitcoin ETF would be able to list before the year’s end. Novogratz hinted at the possibility of needing a change in the SEC’s approach or a change in administration to witness substantial progress in crypto regulation within the United States.

Despite the challenges, Novogratz remained optimistic about Bitcoin’s price performance, predicting a strong finish to the year. He stated that if the previous all-time high is surpassed, Bitcoin could experience a notable surge.

The approval of a Bitcoin ETF is eagerly anticipated by many investors as it could potentially pave the way for broader adoption of cryptocurrencies and offer a more regulated investment vehicle for traditional market participants.

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