Mike Novogratz Predicts SEC-Approved Bitcoin ETF Within 6 Months – Here’s The Insider Story
The post Mike Novogratz Predicts SEC-Approved Bitcoin ETF Within 6 Months – Here’s The Insider Story appeared first on Coinpedia Fintech News
The financial world is abuzz with anticipation as the United States’ first spot Bitcoin exchange-traded fund (ETF) edges closer to potential approval. Notable figures like Galaxy Digital CEO Mike Novogratz are providing intriguing insights into the landscape that lies ahead.
His brief is transpired from the insider information within industry giants BlackRock and Invesco, Novogratz suggests that ETF approval is becoming a matter of “when,” rather than “if.” Because this sentiment aligns with a timeframe of four to six months for potential approval, indicating a notable acceleration in regulatory progress.
Let’s see what the analyst draws from the recent development and why the timeframe is not important.
As of now only “If” is ruling. Analyst Claims
What is more interesting here is that it may bring the clash of the Titans. As we have seen Galaxy Digital partners with Invesco, and BlackRock has already entered the fray, a fierce market share battle looms. Novogratz calls it a colorful analogy of fighting “like cats and dogs” underscores the fierce rivalry to be seen. With significant investment inflows projected post-approval, this competition could shape the industry’s landscape for years to come. Now we are talking about some serious business. Right?
But if you correlate the significance of ETF approval it goes beyond just a competition. The analyst hints at a potential strategic maneuver by the U.S. Securities and Exchange Commission (SEC). By giving the green light to a Bitcoin ETF, the SEC could signal a shift in its stance towards cryptocurrencies and innovation, a move that might help counter accusations of obstructing the crypto space’s progress.
Adding another layer to the narrative is the ongoing lawsuit involving Grayscale Vs SEC. If Grayscale secures a favorable ruling, expect spot bitcoin to come sooner which will set a groundbreaking precedent for others. Last year, Grayscale sued the SEC for rejecting their spot ETF application. Hence as many analysts projected, if they lose it will open up a path of resistance for all Bitcoin ETF holders.
A possible scenario where it might lead to multiple spot Bitcoin ETFs receiving simultaneous approvals, a scenario that could expedite the ETF landscape’s growth.
Do you think Bitcoin ETF approval will justify the expectations of the billions of Bitcoin holders? Only time will tell.
Filed under: Bitcoin - @ August 9, 2023 7:18 am