The US Securities and Exchange Commission (SEC) will approve the first exchange-traded fund (ETF) based on the spot price of the first cryptocurrency by the end of 2023. This opinion was expressed by Galaxy Digital CEO Mike Novogratz in an interview with CNBC.
Novogratz cited a court decision in late August that granted Grayscale Investments’ petition against the SEC for the regulator’s refusal to transform GBTC in Bitcoin ETF. Media reported that the Commission will not appeal it.
The American public wants it, he said, and the world’s largest asset manager, BlackRock, will do it.
Novogratz-owned Galaxy Digital filed a joint bid with Invesco for a Bitcoin ETF back in July. In October, the companies also sought approval for a spot Ethereum ETF.
Grayscale’s head of legal, Craig Salm, called the approval of a Bitcoin ETF “a matter of time” on SiriusXM radio. This is reported by The Block.
On October 16, Cointelegraph published fake news that the SEC allegedly approved the corresponding tool from BlackRock. Against this background, the price of the first cryptocurrency exceeded $30,000, but then the quotes returned to the level of $28,000.
BlackRock CEO Larry Fink said Bitcoin’s rapid rise on unconfirmed news indicates “pent-up demand for digital assets.”
On August 31, the SEC delayed its decision on several Bitcoin ETFs until at least mid-October. At the end of September, the regulator postponed consideration of applications to January 2024.
In August, Novogratz said that a Bitcoin ETF would be approved before February 2024. In the same month, ARK Invest CEO Cathie Wood predicted that the SEC would approve several applications for the instrument at once.
According to CryptoQuant analysts, if the Bitcoin ETF is approved, the capitalization of the cryptocurrency market will soar by $1 trillion. They also predicted an increase in the price of the first cryptocurrency to $50,000-73,000.
Source: Cryptocurrency
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