Billionaire Mike Novogratz is predicting that a Bitcoin (BTC) exchange-traded fund (ETF) will hit the market before 2024 as pressure mounts on Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC).
In a new interview with CNBC, the Galaxy Digital CEO says that all signs point toward a spot market BTC ETF being released this year.
“It will get approved… We think it happens this year in 2023. All the indications of dealings seemed to be heading in the right direction.”
According to Novogratz, Chair Gensler is feeling the pressure “to do something rational” now that the SEC’s stance regarding the creation of a spot Bitcoin ETF was deemed inconsistent in court.
“The most significant piece was the SEC lost in court. The judge said, ‘what are you talking about, SEC? You have a futures ETF, and you’re saying you can’t have a past ETF.’
That makes, intellectually, zero sense. I think that put the SEC on the back foot. I think Gensler needs a win. There’s a tremendous amount of pressure to do something that is rational. The American public wants this.”
Novogratz goes on to say that the positive news of an ETF approval coupled with a rush of institutional capital will inevitably send crypto markets higher.
“The market will head higher on any positive news. You’re going to have [the] Invesco sales force, Blackrock sales force, Cathie Wood’s sales force – all out selling Bitcoin. Bitcoin has always been an instrument that is sold, not bought.”
Bitcoin is trading for $28,257 at time of writing.
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