Mike Novogratz Believes That Approval Of A Spot Bitcoin ETF Is Imminent
Mike Novogratz, an outspoken Bitcoin proponent, believes that approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (“the SEC”) may come in the next four to six months, according to comments he recently made stemming from inside information he claimed to have received from asset managers with pending Bitcoin ETF applications.
Novogratz's comments are in contrast to the repeated spot ETF rejections by the SEC over the years – in those rejections, the SEC expressed its concerns about risks of fraud and manipulation in Bitcoin markets. However, Novogratz believes that the SEC is facing increasing pressure from institutions and politicians to approve a spot Bitcoin ETF. Similarly, regulators in a number of other countries have approved Bitcoin ETFs in recent years.
Many see SEC approval of a spot Bitcoin ETF as a major victory for Bitcoin supporters, because they believe it would legitimize Bitcoin as an investment asset and make it easier for certain investors to buy and sell Bitcoin.
For his part, Novogratz believes that the approval of a spot Bitcoin ETF would lead to a surge in demand for Bitcoin. That said, the SEC’s decision on all current Bitcoin ETF applications is still pending, and no definitive statements from the SEC are publicly available at this time.
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