SEC approval. In the ETF Bitcoin spotThere are currently two opposing camps in the media, both defending their positions dearly. On the one hand, they argue that it’s not that important, or that it could even be detrimental to Bitcoin and the idea that some people have of it. On the other hand, it would be the unleashing of a large-scale movement which would mark the official arrival of institutional in the game. Mike Novogratz falls into the second category and is convinced that the SEC one or more EFT of this nature will transform the crypto landscape. Are we heading for a democratization of Bitcoin through these new financial products? Our speaker of the day believes so.
The approval of one or more ETFs would signal the start of a major movement…
Mike Novogratz is the founder and CEO of Galaxy Digital and is a regular guest on American television. A good client of business programs, he is never short of a bon mot or a good joke. punchline which will be repeated on social networks and in the specialized media. His last appearance on Bloomberg TV, on 1July 2 was no exception to the rule, and the CEO delivered his truths with all the spontaneity that we know him for.
Asked what he thought of this set of requests forETF Bitcoin from the major players in international finance, here is its answer :
« What I think is that the fact that BlackRock, Invesco and all the others are asking for an ETF is a real signal that adoption is coming. »
Indeed, seeing BlackRock, Invesco but also Valkyrie, VanEck, WisdomTree, Fidelity or even ARK Invest and 21Shares gearing up for these Bitcoin ETFs makes Mike Novogratz say that some « giant infrastructures » are being put in place.
…because people would no longer be afraid to invest in Bitcoin
For him, the SEC will surely not authorize just one, but rather several, which will bring new people into the sector:
« The SEC isn’t going to approve 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, the crypto has a reputation that’s sometimes a little sulphurous and some investors may have been frightened at the idea of putting money into it. Who can I buy my cryptos from? How can I keep them safe? So many complicated questions for the novice. Yet going through an intermediary like BlackRock to gain exposure to the market would clearly be a secure and easy first step for many. Finally, for Mike Novogratzthe SEC’s decision will be seen as a form of official recognition:
« I just think that if this happens, it will be the seal of approval from the SEC and therefore from the U.S. government. »
But by the way, he too made a ETF request and the journalist who wanted to know the status of his case didn’t really get any answers. The CEO remained evasive and merely complained about the SEC’s harshness, which has been « really stubborn and very hard 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 sector.
In this, he joins other experts who also believe that Gary Gensler is probably the problem issue 1 of Bitcoin & Co in Washington. But despite a large body of evidence against him, the boss of US regulation denies having a beef with crypto. He’s here to defend investors and fulfill the mission entrusted to it by Congress. Period. Will he personally blow the whistle to start the adoption process, as Mike Novogratz would like? Or will he leave it to his successor? Stay tuned for the answer in our columns.