Knighthood by the SEC. In the case of Bitcoin Spot ETFs, there are currently two camps opposing each other through the media and dearly defending their position. On the one hand, it would not be that important, indeed it could even harm Bitcoin and the idea that some people have of it. On the other, it would be the triggering of a magnitude movement which would mark the official arrival of the institutional in the game. Mike Novogratz belongs to the second category and he is convinced that the approval by the DRY of one or more EFT of this nature will transform the crypto landscape. Are we heading towards a democratization of Bitcoin through these new financial products? Our speaker of the day is convinced of this.
The approval of one or more ETFs would signal the beginning of a major movement…
Mike Novogratz is the founder and leader of Galaxy Digital and he appears regularly on American television. A good customer of economic issues, he is never stingy with a good word or a punch line which will be taken up by following on social networks and in specialized media. His last intervention at Bloomberg TV, the 1July 2nd last, was no exception to the rule and the CEO delivered his truths with all the spontaneity that we know him.
To the question of what he thinks of this set of requests forBitcoin ETFs coming from the major players in international finance, here is his answer:
“What I think is that the fact that BlackRock, Invesco and everyone else is asking for an ETF is a real signal that adoption is coming. »
Indeed, seeing the BlackRock, Invesco but also Valkyrie, VanEck, WisdomTree, Fidelity or even ARK Invest and 21Shares preparing for these Bitcoin ETFs makes Mike Novogratz say that “giant infrastructure” are being put in place.
…because people would no longer fear investing in Bitcoin
Because for him, DRY surely not going to authorize just one, but rather several, which will bring new people into the sector:
“The SEC isn’t going to approve a single one, so you’re going to have these large sales forces giving access to Bitcoin to people who didn’t have access to it before. »
Indeed, crypto has a reputation sometimes a little sulphurous and some investors may have been frightened thinking about putting money into it. Where to buy my cryptos? How to keep them safe? So many complicated questions for the novice. However, going through an intermediary like BlackRock to gain exposure to the market would clearly be a safe and easy first step for many people. Finally, for Mike Novogratzthe SEC’s decision will pass as a form of official recognition:
“I just think that if it happens, it will be the stamp of approval from the SEC and therefore from the US government. »
But by the way, he too made a ETF request and the journalist who wanted to know where her file was at didn’t really get any answers. The CEO remained evasive and contented himself with complaining about the harshness of the SEC which was “really stubborn and very tough on crypto”. But the case is taking its course, he concluded with a half smile, while conceding that it would take a change radical to the SEC management to see real change in the industry.
In this he joins other experts who also believe that Gary Gensler is probably the problem number 1 of Bitcoin & Co in Washington. But despite a large body of presumption against him, the boss of American regulation denies having a grudge against crypto. He is there for defend investors and fulfill the mission entrusted to it by Congress. Period. Will he personally whistle the start of the adoption as Mike Novogratz would like? Or will he leave that to his successor? Answer to follow in our columns.