In a recent Fox Business interview, Mike Novogratz – a prominent Bitcoin bull, and CEO of Galaxy Digital – expressed optimism regarding the potential of an exchange traded fund (ETF) for Bitcoin.
In a tweet, Novogratz described BlackRock’s potential ETF launch in Bitcoin as “the best thing to happen”.
He explained to Liz Claman that, if BlackRock CEO Larry Fink was able to launch a Bitcoin ETF successfully, this would boost institutional participation significantly in the crypto-space.
Novogratz made his statements during a period of regulatory turmoil for cryptocurrencies in the U.S. He specifically referred to the scrutiny that the crypto industry is currently under, as the Securities and Exchange Commission has sued Binance and Coinbase.
He said that the regulatory uncertainty has caused institutional investment in crypto to be slowed.
Novogratz says that despite these challenges, retail investors continue to purchase cryptocurrencies. Bitcoin is still strong, and it’s trading at over $25,000 despite the turbulent environment. Novogratz stated that if you told people all this would happen, and Bitcoin would be still up for the year, many would scratch their head.
Novogratz also revealed that it is ‘almost necessary’ to relocate Galaxy’s overseas operations in order to be able operate without fear.
He specifically pointed out Hong Kong as a possible destination, signaling that cryptocurrency businesses could respond differently to regulatory pressures in the future.
