Citing insider contacts at BlackRock and Invesco, Galaxy Digital CEO Mike Novogratz said that institutional players believe that regulatory approval for a spot Bitcoin exchange-traded fund is a “question of when not if.”
Novogratz made the statement during the company’s second-quarter earnings call on Aug. 8. He added that the contacts expect the SEC will give spot Bitcoin ETFs the green light in the next four to six months.
The Galaxy Digital CEO said that Bitcoin ETF applications from significant players like BlackRock have caused sentiment to begin shifting to a more positive outlook for the flagship cryptocurrency among institutional investors.
The shift is most apparent in BlackRock CEO Larry Fink, who said in 2017 that Bitcoin was merely a “speculative investment” but has since changed his views on the matter — arguably leading the Bitcoin adoption charge for the asset management sector.
Novogratz said that Fink has advocated for Bitcoin as the first “global money,” which has lent the digital asset more credibility for the traditional financial industry.
According to Novogratz, the spot Bitcoin ETF approval is the floodgate that will let institutional money into the crypto industry as it will make it “very easy for people to make large allocations into the space.”
Novogratz also reaffirmed Galaxy Digital’s intention to aggressively pursue a piece of the ETF market share, saying:
“We’re going to fight like cats and dogs to win market share once its approved.”
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