Bitcoin ETFs: Needed 'seal of approval' for BTC?

Mike Novogratz is the founder of Galaxy Digital, a company specializing in investing in crypto assets. During a July 12 interview with Bloomberg TV, he spoke about the many Bitcoin ETF filings with the Securities and Exchange Commission (SEC). He, ETFs could be used to facilitate regulation in the crypto industry.

CoinTelegraph announcing on Twitter that Mike Novogratz thinks the SEC will approve more than one Bitcoin ETF.

Bitcoin ETFs, a stamp of approval that Bitcoin needs according to Mike Novogratz

According to Novogratz’s analysis, SEC approval of a spot Bitcoin exchange-traded fund (ETF) would amount to a “stamp of approval” for Bitcoin from the United States government. Several large asset management companies, including the largest of them, BlackRockwhich manages 10,000 billion, have applied for a Bitcoin ETF. This prompts Novogratz to say, “What I think is that BlackRock, Invesco [et] the ETF provider group is a real signal that adoption is coming.”

Speaking about the attitude of the US regulator towards the crypto industry, he says: “ This SEC has been really stubborn and really tough on crypto before adding, “I think we’re probably going to need either a change of mind at the SEC or a change of administration to see any real progress in crypto regulation here in the States.” United. »

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According to Novogratz, “giant infrastructure” in place for ETFs Already exists. Indeed, in addition to BlackRock, ETFs offered by Valkyrie, Invesco, VanEck, WisdomTree, Fidelity and a mutual fund by ARK Invest and 21Shares are also Awaiting Approval. In particular, he thinks that several of them have a good chance of being approved.

“The SEC isn’t going to approve one, so you’re going to have these giant sales forces giving access to people who didn’t have access before. ” did he declare.

This could win over investors who are still hesitant to get into crypto. Approval of a spot Bitcoin ETF will therefore be an “easy first step” for most to start investing in the asset.

Novogratz was unclear when asked if Galaxy and Invesco’s Bitcoin ETF would be able to list before the end of the year. So far, the SEC has been very hostile towards cryptos. Could this change with the involvement of investment giants?

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