Galaxy Digital CEO Mike Novogratz's latest annoucement lifts hope in Bitcoin world: ‘Big things are coming’

Since the first Bitcoin ETF's launch in Canada, US investors have sought that such an investment vehicle be approved by the Securities and Exchange Commission

Published on: Jan 2, 2024, 14:20:18 IST

By Sumanti Sen

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In a recent interview, the CEO of blockchain investment firm Galaxy Digital, Mike Novogratz, announced that “big things are coming,” according to Contribune. Mike is also an advocate for the launch of a Bitcoin ETF in the US.

In a recent interview, the CEO of blockchain investment firm Galaxy Digital, Mike Novogratz, announced that “big things are coming" (Mike Novogratz/Facebook)

Ever since the first Bitcoin ETF was launched in Canada, American investors have sought that such an investment vehicle be approved by the Securities and Exchange Commission (SEC). This will potentially make sure there is an index fund that mirrors the price of bitcoin. There would also be no need to directly buy the cryptocurrency. Companies like Fidelity, SkyBridge, and Valkyrie have lately filed applications, and Galaxy Digital, in partnership with Bloomberg, also happens to be a candidate.

It is unclear when a Bitcoin ETF may actually be approved. However, the Federal Reserve previously acknowledged that bitcoin could really become an important digital asset. Back in September 2022, the White House appreciated the technological innovation of digital assets. It also praised the way these assets may be potentially applied. The four existing Bitcoin ETFs in Canada reportedly totals over 1.5 billion dollars in assets.

Mike’s statement, thus, appears to be a ray of hope.

What are Bitcoin ETFs?

According to Corporate Finance Institute, “Bitcoin ETFs are exchange-traded funds that track the value of Bitcoin and trade on traditional market exchanges rather than cryptocurrency exchanges. They allow investors to invest in Bitcoin without having to go through the hassle of using a cryptocurrency exchange while providing leverage to its price.”

“nvesting in a Bitcoin ETF provides leverage to the price of Bitcoin without having to learn about how Bitcoin works, having to sign up for a cryptocurrency exchange, and taking on the risks of owning Bitcoin directly. For example, Bitcoins are held in a wallet, and if an investor loses the password to the wallet, their Bitcoin is lost forever. A Bitcoin ETF simplifies the process of investing in Bitcoin,” it adds.

ABOUT THE AUTHOR
Sumanti Sen
Sumanti Sen covers everything that’s happening in the US, from politics to entertainment, but her expertise lies in covering crime news. She has comprehensively chronicled the Idaho student murders, the Laken Riley and Iryna Zarutska cases, and the killing of Charlie Kirk, among other incidents. Over the years, she has interviewed several victims/families of victims of crimes seeking justice. She digs up stories that might otherwise remain unheard, and does her bit to ensure that victims and survivors’ voices are heard. Sumanti’s many years of experience also include interviews with Hamas attack survivors and mental health experts, among others. Her coverage of the October 7 Hamas attack on Israel and interviews with survivors of the tragedy, coupled with her other works including the Titan submersible coverage, earned her the Digi Journo of the Quarter award during her first year at Hindustan Times. Sumanti actively tracks missing person cases in the United States, and peruses Reddit and other social media platforms to bring to light cases that frequently elude public attention. She has extensively covered the disappearances of Nancy Guthrie, Thomas Medlin, Beau Mann, and Sudiksha Konanki, among others. When not at work, you will either find her with her novels, or with her beloved rescue pooches.Read More