Bitcoin News and Finance
Galaxy Digital CEO Mike Novogratz Expects Spot Bitcoin ETF Approval by January 10, Regulatory Progress After Election Skip to main content

Galaxy Digital CEO Mike Novogratz Expects Spot Bitcoin ETF Approval by January 10, Regulatory Progress After Election

Galaxy Digital CEO Mike Novogratz Expects Spot Bitcoin ETF Approval by January 10, Regulatory Progress After Election

Galaxy Digital CEO Mike Novogratz expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF) by Jan. 10 next year. Subsequently, he foresees the cryptocurrency reclaiming its all-time high of $69,000 and wouldn’t be surprised if it surpasses that price level. The executive also predicts progress in U.S. crypto regulation, expecting changes in leadership at the Treasury Department and the SEC after the upcoming presidential election.

Mike Novogratz’s Crypto Predictions

The CEO of Galaxy Digital, Mike Novogratz, discussed his perspectives on the crypto market and his expectations regarding the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC earlier this week.

Regarding spot bitcoin ETF approvals, the Galaxy Digital boss said:

We are gonna get this ETF before January 10th.

Novogratz added that spot bitcoin ETFs will likely take six to eight weeks after approval to start trading. “After that, it’s just more fuel for a fire,” he stressed, emphasizing: “Crypto stocks are trading like a maniac.”

He preceded to outline the impact of institutions putting 1% of their portfolios into bitcoin or spot bitcoin ETFs. “There isn’t a lot of supply in bitcoin,” he began. “We have customers that are platform customers and [they] buy enough bitcoin every day to take out all the miners,” the executive claimed, adding: “When you think about the supply/demand dynamic, we haven’t really had a situation where you have a global market and you have something of such limited supply and so I think bitcoin can go far higher.” He opined:

I think first stop next year will be the old high, $69,000, but it wouldn’t surprise me if it went beyond that.

Commenting on the statements by JPMorgan CEO Jamie Dimon and Senator Elizabeth Warren (D-MA) regarding crypto’s use in terrorist financing, he pointed out that this theory has been debunked. “Yes, some crypto is used for bad things, but not nearly as much as fiat,” Novogratz stated, adding: “Jamie Dimon’s bank has paid $38 billion in fines since he’s been there — $38 billion. Add up all of the bad trades with crypto, it doesn’t add up to $38 billion, so should we ban JPMorgan?”

Regarding crypto legislation, he noted that some bills have been introduced in Congress. “There’s a group of Democrats and Republicans in D.C. that want to get legislation through. There’s two pieces of legislation that would really give us a good framework around both stablecoins and the rest of crypto, and it’s Elizabeth Warren and … the Biden White House that’s stopping that.”

Nonetheless, the Galaxy Digital CEO believes that progress will be made after the U.S. presidential election next year, stating:

I think post this election, we will either have a new administration, either Democrat or Republican. But even if Biden wins, my guess is there’s a new Secretary of Treasury and a new head of the SEC that will finally make some progress.

What do you think about the statements by Galaxy Digital CEO Mike Novogratz? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory