Cathie Wood and Mike Novogratz declare victory in Bitcoin ETF battle – bulls set to roar. Cathie Wood and Mike Novogratz are bullish on upcoming Bitcoin ETF approvals – is this the game-changer, we have been waiting for?
Bitcoin ETF Approval Anticipated by Industry Leaders: Cathie Wood and Mike Novogratz Express Confidence.
Industry experts, Ark Invest’s CEO Cathie Wood and Galaxy Digital’s CEO Mike Novogratz, share a positive outlook on the imminent approval of a spot Bitcoin (BTC) exchange-traded fund (ETF). Both anticipate a breakthrough in the Securities and Exchange Commission’s (SEC) decision.
Bullish on Upcoming Bitcoin ETF Approvals
Speaking on Bloomberg TV recently, Cathie Wood expressed her conviction that the SEC, responsible for regulatory oversight, would likely grant approval for multiple Bitcoin ETFs simultaneously. Wood’s perspective stems from a belief that the SEC’s approval process may encompass several ETFs rather than a single one.
Read More: What is an ETF And Did You Know About First Bitcoin ETF?
Equally confident, Mike Novogratz, drawing insights from reliable sources within BlackRock and Invesco, affirmed during a company earnings conference call that the question is not “if,” but “when” one of the existing eight applications for a spot Bitcoin ETF will be granted the SEC’s green light. Novogratz further asserted that the anticipated timeframe for these approvals to materialize lies within the span of four to six months, based on substantial indications from trusted contacts.
Novogratz emphasized the significance of these impending decisions, emphasizing that the combined perspectives from Invesco and BlackRock strongly suggest that the waiting game is drawing to a close. He confidently projected a likely timeframe of four to six months, underlining that the waiting period appears to be nearing its conclusion.
Among the firms vying for a spot Bitcoin ETF, Ark Invest, Invesco, and BlackRock stand out as notable contenders. A spot Bitcoin ETF is designed to provide both individual and institutional traders with exposure to Bitcoin without the necessity of directly engaging in cryptocurrency exchange transactions.
While previous applications for such ETFs have faced repeated denials from the SEC, the current sentiment among investors is notably more optimistic. This surge in optimism can be attributed to the involvement of the industry giant BlackRock, which sent ripples through the markets with its application for a spot Bitcoin fund in mid-June.
The collective confidence exhibited by Cathie Wood and Mike Novogratz, coupled with the industry’s heightened expectations due to BlackRock’s participation, suggests that the prospect of SEC approval for a spot Bitcoin ETF is becoming increasingly tangible. As the regulatory landscape evolves, the crypto community eagerly awaits these pivotal decisions that could shape the future of cryptocurrency investment.
