Michael Novogratz, CEO of Galaxy Digital, believes the U.S. Securities and Exchange Commission (SEC) will approve the first spot Bitcoin exchange-traded funds (ETFs) before January 10, 2023.
Optimistic Forecast for Bitcoin Price and ETF Approvals
During an interview with CNBC, Novogratz discussed his optimistic outlook for the cryptocurrency market and potential Bitcoin price trends in the coming year. He pointed to central bank decisions as major market drivers that also influence cryptocurrencies.
Novogratz mentioned a specific timeline regarding potential SEC trouble for Grayscale Investments and its @Novogratz lawsuit if spot Bitcoin ETFs are not approved. Grayscale’s CEO argues that when spot product approvals are granted, they should be issued simultaneously to ready issuers.
Impact of Fed Dovishness on Crypto Markets
BlackRock has confirmed its Bitcoin ETF ticker and switched to a cash redemption model favored by the SEC. Likewise, ARK Invest and 21Shares have adjusted their filings to incorporate the cash redemption model. The SEC is set to make decisions on pending Bitcoin and Ethereum ETF applications into 2024.
Squawk Box (@SquawkCNBC) December 19, 2023