Galaxy CEO Mike Novogratz Says Bitcoin ETF Approval Is A Matter Of 'When, Not If'

Galaxy Digital Holdings BRPHF CEO Mike Novogratz says the approval of Bitcoin BTC/USD ETFs by the Securities and Exchange Commission is imminent.

Speaking during an earnings call on Tuesday, he drew insights from "contacts" within BlackRock BLK and Invesco and said the approval of a Bitcoin ETF is a matter of "when, not if," and anticipates this to occur within the next "four to six months."

Novogratz expressed his optimism about the crypto market, emphasizing the potential of artificial intelligence and its transformative impact across industries.

He highlighted the significance of recent developments, such as BlackRock's filing for an ETF and the positive stance of Larry Fink, CEO of BlackRock, towards Bitcoin.

Fink's endorsement, given BlackRock's position as the world's largest asset manager, signals a notable shift in institutional sentiment toward cryptocurrency.

Novogratz also touched upon the regulatory landscape, mentioning the SEC's recent setback in the Ripple XRP/USD case, which has prompted discussions about clearer regulations for the crypto sector.

He believes that this could pave the way for potential ETF approvals, stating, "you can't call us anti-crypto, we just approved an ETF."

Furthermore, Novogratz highlighted the resilience of the crypto community, drawing parallels with the song "I get knocked down, but I get up again" by Chumbawamba.

He emphasized the community's ability to bounce back from challenges and setbacks, underscoring the revolutionary spirit that drives the crypto movement.

The Galaxy CEO also discussed the broader crypto market, noting the importance of stablecoins and their potential to disrupt traditional banking systems.

Also Read: Binance Becomes First Crypto Exchange To Be Fully Licensed In El Salvador

He cited PayPal Holdings Inc's PYPL recent move to issue a stablecoin as an example of the growing interest and adoption in this space.

He reiterated his belief in the diverse potential of the crypto world, emphasizing that while Bitcoin remains a stalwart, the broader crypto revolution holds equal significance.

He envisions a future where decentralized apps become commonplace, marking the next phase of crypto adoption.

Meanwhile, Eric Balchunas, senior ETF Analyst with Bloomberg Intelligence, told Benzinga that there are 65% odds of Bitcoin ETFs being approved by the SEC.

"On one hand of course someone with a Bitcoin ETF filing is going to be this hopeful but on the other hand, issuers can provide good intel. We also think generally that a 4-6 month time frame is more likely than not, hence our 65% odds," he said.

Read Next: Is Huobi In Trouble? Whale Deposits Raise Questions About Exchange's Future

Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: CoinDesk on Flickr and Shutterstock