Bitcoin ETF Will Drive Institutional Adoption in 2024: Mike Novogratz

Mike Novogratz, Galaxy Digital founder and CEO is confident that the United SEC will approve the numerous applications for spot Bitcoin ETF. He pointed out recently that it is a matter of “when” and not “if”. Additionally, he acknowledged that the launch of Bitcoin ETFs will drive institutional adoption of the underlying cryptocurrency and other digital assets to significant heights in 2024. 

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The crypto giant made this proclamation on November 9th, during Galaxy Digital’s third-quarter earnings call. 

Invesco Partners With Galaxy Digital on Bitcoin ETF Application

BlackRock started this new batch of Bitcoin ETF race with its filing in June and this triggered many other institutional investors to blaze the trail. Noteworthy, Galaxy Digital equally applied to offer both spot Bitcoin and Ether ETF products to its customers in the third quarter of this year. The application came in collaboration with investment asset management firm Invesco. 

There has been some delay on the part of the regulator, however, a glimpse of hope has shown up with top ETF analysts like Eric Balchunas and James Seyffart predicting that an influx of spot BTC ETF approvals from the SEC in January. 

Institutional Clients Comfort Lies Within Bitcoin ETF 

Considering these predictions and his assessments, Novogratz perceives 2024 as a year of institutional adoption. However, the breakthrough would not be attributed to the BTC ETF approval alone as other factors would contribute to the surgeon adoption rate. 

“As institutions get more comfortable, if the government gives its seal of approval that Bitcoin is a thing, you are going to see the rest of allocators starting to look at things outside of that. And so, money will flow into the space,” Novogratz explained on the Galaxy Digital Q3 earnings report call.

Rise of Bitcoin Market Cap

Earlier in July, Novogratz predicted that the market capitalization of Bitcoin would rise to unprecedented value before the end of this year. It is worth noting that at the time, there were mounting expectations that the SEC would approve the spot BTC ETF applications of BlackRock, Invesco, Fidelity, WisdomTree, Valkyrie, and others before the end of the year. 

The recent speculation by Galaxy Digital CEO is built around the possibility of having a spot Bitcoin ETF launched before February 2024.

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