In a recent CNBC interview, Michael Novogratz, CEO of Galaxy Digital, expressed optimism about the cryptocurrency market, highlighting Bitcoin’s 150% rally over the past year.
He attributed the rise to Bitcoin’s role as an alternative currency and the Federal Reserve’s dovish monetary policy.Â
Novogratz believes a spot Bitcoin ETF could be approved before January 10th, injecting further momentum. He acknowledged the market’s exuberance but maintained a bullish stance.
Novogratz also discussed the regulatory landscape, noting bipartisan interest in clear cryptocurrency legislation. He hopes for progress post-election regardless of administration.
Responding to JPMorgan CEO Jamie Dimon’s opposition to crypto, Novogratz expressed surprise at calls for a ban given widespread belief in Bitcoin’s value, even among JPMorgan clients.
On spot Bitcoin ETF developments, Novogratz highlighted detailed S-1 filings, emphasizing the SEC’s focus on custody and intraday pricing. He remains optimistic on eventual approval given regulatory changes.
Rising CME futures basis for Bitcoin and Ether suggest growing institutional engagement and willingness to pay a premium amid limited direct access.
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