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

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

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

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

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

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

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

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

Novogratz predicts that Bitcoin's price will end the year on a high note, and he believes that breaking the previous high will lead to further gains.