The crypto financial services and investment management innovator, Galaxy Digital Holdings CEO Michael Novogratz is Predicting the approval of spot Bitcoin exchange-traded funds (ETFs) by the end of 2023, said during an interview on CNBC.
Novogratz highlighted a recent court decision that questioned the Securities and Exchange Commission’s (SEC) stance, creating pressure on the SEC to reconsider its position.
Novoratz believes that diaologues happening between hedgefubds and the sec are in the right diorection.
In August, Grayscale Investments won a court case, prompting the SEC to reevaluate its stance on spot Bitcoin ETFs. The SEC, now not planning to appeal the ruling, faces growing calls for the approval of a regulated spot Bitcoin ETF.
Lawmakers and major financial firms like BlackRock and Fidelity are advocating for these ETFs, as they believe they would enhance investor protection and make Bitcoin more accessible and secure.
Also Read: Fidelity Amends Bitcoin ETF Filing
If Novogratz’s prediction comes true, it would benefit his firm, which has partnered with Invesco on a spot Bitcoin ETF application. Overall, the approval of spot Bitcoin ETFs is increasingly likely in 2023, driven by legal decisions and public demand.
