The recent turmoil in the cryptocurrency world has not shaken the conviction of cryptocurrency tycoon Mike Novogratz regarding the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) later this year.
Spot bitcoin ETFs later in 2023
Novogratz’s extreme confidence in the upcoming approval of a spot Bitcoin ETF in the United States reflects very high optimism. During an appearance on CNBC, the Galaxy Digital CEO stated: “It will be approved. We think it will happen this year, in 2023.” He added that the dialogue between the industry and the SEC is headed in the right direction.
The SEC’s recent decisions related to the disapproval of the spot Bitcoin ETF from Grayscale, which were strongly criticized by the Court of Appeals, have put pressure on the Commission. The institution is now expected to be more receptive to requests for similar funds.
It is worth noting that it is not only the cryptocurrency industry that is waiting longingly for this decision. Huge support for Bitcoin and plans to introduce similar solutions have been expressed by BlackRock.
SEC has changed the way it looks at applications
The SEC’s change in tone is also extremely important, as it is now having more constructive discussions with potential ETF providers. Mike Novogratz points out that the comment process has become much more detailed and specific.
Market analysts’ expectations are clear – they expect the SEC to continue the process of reviewing the long list of ETF applications. In the event of a positive decision, Bitcoin will not only gain legitimacy as a leading cryptocurrency, but the entire cryptocurrency industry will get an additional boost.
If Mike Novogratz’s predictions come true and the spot ETF is approved in 2023, and investment firm Galaxy Digital, which is in a partnership with Invesco, will certainly have reason to be pleased. Their joint spot ETF application for Bitcoin is likely to become a landmark event in the cryptocurrency market.
Interest in Bitcoin is clearly growing
The confusion over the fake news about the approval of a Bitcoin-based ETF has caused global interest in such a product to increase significantly.
Data from Google Trends shows increased search activity for the phrase “Bitcoin ETF,” which, considering the last 90 days, is clearly gliding through the results. A similar trend can be seen in the price of BTC, which for the second time in just five days, is attempting to overcome the psychological barrier of $30,000.
