Mike Novogratz, the founder of Galaxy Digital and a prominent advocate for bitcoin, is confident that the approval of spot BTC ETFs filed by BlackRock and Invesco is only a matter of time. During his company’s recent earnings call, Novogratz stated that he has inside information from both firms indicating that the US Securities and Exchange Commission (SEC) will give the green light to the Bitcoin ETFs within the next four to six months. He emphasized that this development is a significant event and that Galaxy Digital will aggressively compete for market share once the ETFs are approved. Novogratz also highlighted the shift in perspective from Larry Fink, the CEO of BlackRock, who has changed his stance on bitcoin over the past few years. Fink previously labeled bitcoin as an “index of money laundering,” but now he acknowledges its potential as an international asset and a hedge against inflation. This positive sentiment from Fink further supports Novogratz’s belief that a spot Bitcoin ETF will be approved in the near future. In July, Novogratz predicted that the SEC would eventually approve a spot BTC ETF, signaling the government’s recognition of bitcoin as an asset. He also forecasted that the price of bitcoin would increase by the end of 2023 due to potential actions by the Federal Reserve. However, doubts have been raised after the Fed recently raised interest rates, suggesting that their anti-inflationary policy may continue.
Read more: Spot Bitcoin ETF Approved in 2023? Mike Novogratz Believes So
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