Galaxy Digital CEO Mike Novogratz expects the U.S. Securities and Exchange Commission (SEC) to approve a spot bitcoin exchange-traded fund (ETF) by Jan. 10 next year. Subsequently, he foresees the cryptocurrency reclaiming its all-time high of $69,000 and wouldn’t be surprised if it surpasses that price level. The executive also predicts progress in U.S. crypto regulation, expecting changes in leadership at the Treasury Department and the SEC after the upcoming presidential election.
Mike Novogratz’s Crypto Predictions
The CEO of Galaxy Digital, Mike Novogratz, discussed his perspectives on the crypto market and his expectations regarding the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC earlier this week.
Regarding spot bitcoin ETF approvals, the Galaxy Digital boss said:
We are gonna get this ETF before January 10th.
Novogratz added that spot bitcoin ETFs will likely take six to eight weeks after approval to start trading. “After that, it’s just more fuel for a fire,” he stressed, emphasizing: “Crypto stocks are trading like a maniac.”
He preceded to outline the impact of institutions putting 1% of their portfolios into bitcoin or spot bitcoin ETFs. “There isn’t a lot of supply in bitcoin,” he began. “We have customers that are platform customers and [they] buy enough bitcoin every day to take out all the miners,” the executive claimed, adding: “When you think about the supply/demand dynamic, we haven’t really had a situation where you have a global market and you have something of such limited supply and so I think bitcoin can go far higher.” He opined:
I think first stop next year will be the old high, $69,000, but it wouldn’t surprise me if it went beyond that.
Commenting on the statements by JPMorgan CEO Jamie Dimon and Senator Elizabeth Warren (D-MA) regarding crypto’s use in terrorist financing, he pointed out that this theory has been debunked. “Yes, some crypto is used for bad things, but not nearly as much as fiat,” Novogratz stated, adding: “Jamie Dimon’s bank has paid $38 billion in fines since he’s been there — $38 billion. Add up all of the bad trades with crypto, it doesn’t add up to $38 billion, so should we ban JPMorgan?”
Regarding crypto legislation, he noted that some bills have been introduced in Congress. “There’s a group of Democrats and Republicans in D.C. that want to get legislation through. There’s two pieces of legislation that would really give us a good framework around both stablecoins and the rest of crypto, and it’s Elizabeth Warren and … the Biden White House that’s stopping that.”
Nonetheless, the Galaxy Digital CEO believes that progress will be made after the U.S. presidential election next year, stating:
I think post this election, we will either have a new administration, either Democrat or Republican. But even if Biden wins, my guess is there’s a new Secretary of Treasury and a new head of the SEC that will finally make some progress.
What do you think about the statements by Galaxy Digital CEO Mike Novogratz? Let us know in the comments section below.
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