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Galaxy Digital’s Mike Novogratz Foresees Bitcoin ETF Approval and Regulatory Advances Post-Election by January 10th

A Bold Forecast by Galaxy Digital’s Novogratz

Mike Novogratz, CEO of the cryptocurrency firm Galaxy Digital, anticipates green-lighting of a spot Bitcoin exchange-traded fund (ETF) by January 10, next year. He has also pictured a scene where, following this approval, Bitcoin revisits its record high of $69,000 and even surpasses it. The finance magnate foresees advancements in cryptocurrency regulation in the US, hinging on leadership changes in key departments, the Treasury and Securities and Exchange Commission (SEC) post the presidential election.

Expectations of Novogratz from the Cryptocurrency Realm

In a recent conversation with CNBC, Mike spilled his thoughts on the cryptocurrency market and hopes from U.S. SEC regarding the approval of spot Bitcoin ETFs. He expressed,

“The ETF will be on our tables before January 10th.”

Mike suggested a timeline of six to eight weeks post-approval for the trade of spot Bitcoin ETFs to begin. He related the entire scenario to adding fuel to the fire, highlighting how cryptocurrency stocks are presently exploiting the market. He further emphasized on the repercussions of institutions investing just 1% of their portfolio into Bitcoin or spot bitcoin ETFs.

According to him, the Bitcoin market is not suffused with supply. There are platform customers buying ample bitcoins to drain the miners. The rarity of global market and limited supply in Bitcoin dynamics, he believes, can propel Bitcoin to higher levels. Voicing his prediction, he said,

“The first halt next year would probably be the old peak, $69,000, but exceeding that would not startle me.”

Addressing the claims made by Jamie Dimon, CEO of JPMorgan, and Senator Elizabeth Warren (D-MA) regarding crypto’s role in supporting terrorism, he clarified that the theory is flawed. He argued that a small fraction of crypto is implicated in malevolent activities but not as much as fiat. In a rebuttal to Dimon, he noted that JPMorgan has incurred $38 billion as fines during Dimon’s tenure which outbalances total bad trades recorded via crypto.

Discussing the need for crypto regulations, he mentioned the introduction of several bills in Congress. He senses a political will among Democrats and Republicans to pass legislation providing an inclusive framework around stablecoins and other cryptocurrencies. Mike blames Elizabeth Warren and the Biden office for the hold-up and hopes for significant changes following the next presidential election.

“Post-election, we anticipate a transformation in administration, regardless of the victorious party. If Biden secures the win, the anticipation is for a new Secretary of Treasury and SEC head that will finally trigger progress.”

Feel free to share your perspective on Novogratz’s remarks.

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Frequently asked Questions

1. When does Mike Novogratz predict the approval of a Bitcoin ETF?

Answer: Mike Novogratz foresees the approval of a Bitcoin ETF by January 10th in the wake of the post-election period.

2. What regulatory advances does Mike Novogratz anticipate post-election?

Answer: Mike Novogratz anticipates significant regulatory advances in the cryptocurrency market following the election, particularly in relation to Bitcoin.

3. Why does Mike Novogratz believe that a Bitcoin ETF will be approved?

Answer: Mike Novogratz believes that a Bitcoin ETF will be approved due to the growing acceptance and adoption of cryptocurrencies, as well as the increasing institutional interest in Bitcoin.

4. How might the post-election period impact the approval of a Bitcoin ETF?

Answer: The post-election period is expected to bring about regulatory advancements that could positively impact the approval of a Bitcoin ETF, as governments may be more willing to embrace and regulate cryptocurrencies.

5. What are the potential implications of a Bitcoin ETF approval?

Answer: The approval of a Bitcoin ETF could lead to increased mainstream adoption, as it would provide a regulated and accessible investment vehicle for institutional and retail investors.

6. What factors might influence the actualization of Mike Novogratz’s prediction?

Answer: The actualization of Mike Novogratz’s prediction regarding the approval of a Bitcoin ETF by January 10th could be influenced by various factors such as regulatory decisions, market conditions, and political developments.

7. Are there any opposing views to Mike Novogratz’s prediction?

Answer: While Mike Novogratz is optimistic about the approval of a Bitcoin ETF, there may be opposing views from skeptics who argue that regulatory concerns and market volatility could delay or hinder such approval.