Galaxy Digital CEO Michael Novogratz has made a bold prediction regarding the cryptocurrency market, specifically the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). In an interview with CNBC, Novogratz shared his expectations for the future of the cryptocurrency market and the price of Bitcoin, while also emphasizing the influence of central banking decisions on market trends across various asset classes.
Anticipation for Spot Bitcoin ETF Approval
In regards to the approval of spot Bitcoin ETFs, Novogratz expressed confidence in the SEC’s upcoming decision. He stated, “We’re gonna get this ETF before Jan. 10. That’s kind of the drop-dead date that Gensler has before he gets in trouble with Grayscale and the lawsuit.”
“We’ve publicly been advocates of the fact that when the commission is ready to give the requisite approvals for spot products to come to market, that it should be done all at once,” said Grayscale CEO Michael Sonnenshein during an interview with Bloomberg. “The issuers who are operationally ready to launch their products should come out the gate all at once.”
It remains unclear whether Novogratz was specifically referring to Grayscale’s Bitcoin ETF or other Bitcoin ETF applications filed by different financial institutions. Nevertheless, the anticipation for this approval continues to grow within the cryptocurrency community.
Impact of Central Banking Decisions
Novogratz highlighted the significance of central banking decisions in shaping market trends across various asset classes, including cryptocurrencies. He stated, “For all the Bitcoin skeptics out there… The Fed’s pivot is really important. That press conference was as dovish as anybody expected. And the markets are behaving that way.” This statement suggests that the market is responding positively to the Federal Reserve’s dovish stance, leading to potential benefits for the cryptocurrency market.
Overall, Novogratz’s predictions and insights provide valuable perspectives on the future of the cryptocurrency market, specifically regarding the approval of spot Bitcoin ETFs and the influence of central banking decisions. Only time will tell how accurate these predictions turn out to be, but they certainly generate anticipation and excitement within the crypto community.
- BlackRock‘s spot Bitcoin ETF has been officially assigned the ticker IBIT, as disclosed in an amended S-1 filing with the SEC.
- The filing also indicates a shift to a cash redemption model, aligning with SEC preferences. This model requires transactions in cash for Bitcoin holdings, departing from the previously considered “in-kind” model.
- Similarly, ARK Invest and 21Shares have also amended their filings to adopt this cash redemption model.
- The SEC’s decisions on various Bitcoin and Ethereum ETF applications, including those from ARK Invest and 21Shares, are still pending as we enter 2024.
