Mike Novogratz, founder and CEO of Galaxy Digital, recently shared his optimistic views on Bitcoin in a program he attended on Bloomberg. Novogratz expects BTC to finish the year higher than its current level. The famous CEO also stated that the upcoming approval of Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) will be a major catalyst for BTC adoption.
Novogratz said that Bitcoin is consolidating between $28,000 and $32,000 and a break above the upper range could trigger a “nice upswing” and attributed the recent selling pressure to investors making some profits and liquidating the government-seized Bitcoin. The CEO also said that the possible policy change of the FED could boost Bitcoin as an alternative asset. Novogratz praised the efforts of BlackRock, INVESCO, and other ETF companies to bring Bitcoin to mainstream investors, saying they are “a real signal that adoption is imminent.”
Novogratz stated that having the endorsement of Larry Fink, CEO of BlackRock, the world’s largest asset manager, would make it easier for other institutional investors to enter the crypto space. The famous CEO also stated that an ETF would provide a simple and secure way for individual investors to access Bitcoin.
However, Novogratz also expressed his disappointment with the SEC’s slow and harsh approach to crypto regulation, saying that no major companies have gone through the listing process. Adding that his firm is in the process of listing in the US but cannot comment on details, the founder of Galaxy Digital said he hopes for a change of mind or change of management in the SEC to see real progress in crypto regulation in the US.