Mike Novogratz – the billionaire hedge fund manager of Galaxy Digital and one of the biggest BTC bulls the world has ever known – believes that a bitcoin spot ETF will be approved somewhere within the next six months.
A Bitcoin ETF is Almost Here, Novogratz Says
In an interview, he commented:
It’s a big deal, because both our contacts from the Invesco side and from the BlackRock side get you to think that this is a question of when, not if, that the outside window is probably six months.
A bitcoin spot ETF would bring the industry into a whole new plane of legitimacy and mainstream attention. The fact is that for the last several years, there have been many companies – from Bitwise to VanEck to WisdomTree – that have tried desperately to get such ETF applications approved with the Securities and Exchange Commission (SEC) only to have their documents unceremoniously rejected and turned away without being given their due.
The SEC has largely commented that the bitcoin and crypto arenas are unregulated, and thus they do not warrant direct attention from such a highly recognized financial office. Now, companies like BlackRock are submitting applications, and it looks like the tide may be turning, and Novogratz believes the time has come for such an application to get the greenlight.
In a recent video, George – a single-named crypto analyst from the digital asset firm Crypto R Us – commented:
It looks like he may have leaked this because Mike Novogratz obviously hears a lot of things. He hears it from insiders and stuff. Basically, he’s hearing from the insiders who are probably hearing it from their discussions with the (U.S. Securities and Exchange Commission) SEC that we will get approval in four to six months. Which… that’s right around December to around February, and that makes sense because that’s when the deadlines for all these applications are set to expire.
He continued with:
The chance of this happening is high. It’s real… There’s a very, very, very high chance that not only one, but multiple (bitcoin ETFs are approved), and really… everyone is FOMOing in because of Larry Fink and BlackRock, and it’s going to happen… Let’s approve the very first bitcoin spot ETF. If that happens, it would be just, wow, that would be insane. The price action would be insane.
Deadlines Coming Up
Some companies, like ARK Invest, have deadlines when it comes to the SEC approving their BTC ETF applications, though the deadlines could be heavily extended if the SEC sees fit.
BlackRock is one of the largest standard financial companies in the world. It has a strong record with the SEC, having had more than 500 application approvals, which is why many think it’s the best hope for a crypto ETF.
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- Source: https://www.livebitcoinnews.com/mike-novogratz-a-bitcoin-etf-is-right-around-the-corner/
