Galaxy Digital founder Mike Novogratz believes the market will see a “pretty successful psychology shift” when the government allows Bitcoin ETFs to be detected.
Bitcoin (BTC) is about to hit its old highs within a year, if the US Securities and Exchange Commission (SEC) gives the green light to detect Bitcoin exchange-traded funds (ETFs), founder predicts of Galaxy Digital Holdings Ltd., Mike. Novogratz.
In an interview with Bloomberg on November 29, 2023, the founder and CEO of Galaxy expressed great optimism about the future of the cryptocurrency as talk of Bitcoin spot ETFs intensifies.
“Could we hit old highs this time next year? Of course.”
Mike Novogratz
According to the Bitcoin bull, prices are fixed on the margin, suggesting that the largest cryptocurrency by market capitalization is backed by “new money.” Novogratz also added that the market will see a “pretty successful psychology shift when the government says you are allowed to buy Bitcoin.”
Bloomberg analysts predict that the SEC will approve a Bitcoin spot ETF by January 10, 2024. However, SEC Chairman Gary Gensler is silent on ETF talks. Additionally, analysts are not ruling out the possibility that Gensler may eventually reject all pending Bitcoin spot ETF applications at the last minute, a move described as “incredibly sadistic” by Bloomberg ETF analysts.
Since Gensler’s appointment as an SEC representative in 2021, the US financial watchdog has delayed, denied or rejected all such requests, citing investor protection concerns as the primary reason. As of press time, the SEC has only given the green light to ETF applications for Bitcoin and Ethereum (ETH) futures products, maintaining that spot products lack the necessary safeguards to protect investors from currency manipulation. market.
Bitcoin hit its all-time high in November 2021, reaching $69,146, according to data from crypto exchange BitMEX.
