Spot Bitcoin ETF Approval: A Potential 'Seal of Approval' for Bitcoin, Says Mike Novogratz

Mike Novogratz, founder of Galaxy Digital, believes that the approval of a spot Bitcoin ETF would be a "seal of approval" for Bitcoin by the US government and the SEC

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Novogratz sees the filings for spot Bitcoin ETFs, including one from BlackRock, as a signal of adoption and an opportunity for more people to invest in crypto

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According to Novogratz, a spot Bitcoin ETF approval would be an "easy first step" for those who are nervous about investing in crypto and would provide access to a broader market

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Many major players, such as BlackRock, Valkyrie, Invesco, VanEck, WisdomTree, Fidelity, and ARK Invest with 21Shares, have proposed ETFs awaiting approval, indicating a growing infrastructure for ETFs

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Novogratz believes that most of the proposed spot Bitcoin ETFs will likely be approved, giving access to new investors who previously didn't have the opportunity to participate

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The SEC's chair, Gary Gensler, has claimed that cryptocurrencies other than Bitcoin are securities

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Novogratz acknowledges the SEC's tough stance on crypto and the challenges in getting through the listing process

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Novogratz suggests that a change of heart at the SEC or a change of administration may be needed for significant progress in crypto regulation in the US

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