Mike Novogratz: approval of spot Bitcoin ETF is a matter of time
2024 will be the year of institutional adoption of cryptocurrencies, led by an exchange-traded fund ( ETF ) based on the spot price of Bitcoin, followed by Ethereum. This was stated by Galaxy Digital CEO Mike Novogratz.
During a conversation with investors following the results of the third quarter, the businessman expressed confidence that the approval of several ETFs is already a matter of time. In his opinion, the tool will provide not only a degree of institutional trust, but also a significant amount of investment in the cryptocurrency industry.
“This ETF gives us all a break by revitalizing the system. It brings capital, which allows everything else to flourish,” the businessman emphasized.
At the same time, Novogratz admitted that difficulties may arise with the approval of Ethereum-ETF due to the staking model .
In August, Novogratz said the first spot Bitcoin ETF could receive approval in the US before around February 2024. A few months later, he changed his forecast for the end of this year.
According to QCP Capital analysts, the decision to launch the tool will be postponed until January 2024
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