Billionaire Mike Novogratz predicts that a Bitcoin (BTC) exchange-traded fund (ETF) will hit the market before 2024, as pressure mounts on US Securities and Exchange Commission (SEC) Chairman Gary Gensler.
In a new interview with CNBC, the CEO of Galaxy Digital says all signs point to a BTC ETF being released on the spot market this year.
“It will be approved… We think it will happen this year in 2023. All indications of transactions seemed to be moving in the right direction.”
According to Novogratz, Chairman Gensler feels pressure “to do something rational” now that the SEC’s position regarding the creation of a spot Bitcoin ETF was deemed inconsistent by the court.
“The most important piece was the SEC losing in court. The judge said, ‘What are you talking about, SEC? You have a futures ETF and you say you can’t have a past ETF.”
That doesn’t make sense intellectually. I think this put the SEC on the back burner. I think Gensler needs a win. There is enormous 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 combined with a flood of institutional capital will inevitably send crypto markets higher.
“The market will move higher on positive news. You will have that [the] Invesco’s sales staff, Blackrock’s sales staff, Cathie Wood’s sales staff – they’re all selling Bitcoin. Bitcoin has always been an instrument that is sold, not bought.”
Bitcoin is trading at $28,257 at the time of writing.
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