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Mike Novogratz, a Bitcoin enthusiast, believes that ETFs will lead to increased retail interest in the cryptocurrency.

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Mike Novogratz, the CEO of Galaxy Digital and a distinguished determine within the digital asset area, has shared his views on the way forward for bitcoin and the impression of Trade-Traded Funds (ETFs) on retail demand.

In a latest interview with Forbes, Novogratz careworn the transformative function of conventional finance in propelling bitcoin‘s subsequent part of progress. 

The ETF impact 

Novogratz’s optimism is considerably buoyed by the latest U.S. Securities and Trade Fee’s approval of the primary U.S.-listed spot Bitcoin Exchange-traded funds. 

This improvement, in keeping with Novogratz, marks a watershed second for the business, probably heralding a brand new period of institutional and retail Engagement with Digital Assets

ETFs, with their ease of entry and familiarity with conventional buyers, are seen as a key driver in broadening the investor base for bitcoin and different cryptocurrencies. 

This transfer might tackle among the liquidity and volatility considerations which have beforehand deterred extra conservative buyers from coming into the crypto Market.

Novogratz stays Bullish on bitcoin 

Regardless of the constructive momentum generated by the introduction of ETFs, Novogratz cautions in regards to the lingering regulatory uncertainties that cloud the business’s future

His critique extends to the regulatory method of the SEC and the necessity for a extra coherent and supportive legislative framework to foster innovation and stability within the crypto sector.

Nevertheless, he stays Bullish on bitcoin‘s function as a retailer of worth, drawing parallels with gold.

In a separate CNBC interview, Novogratz predicted potential Price corrections for bitcoin however maintained a long-term optimistic view. 

He identified the numerous function of institutional cash flowing into the Market, significantly by means of ETFs, which might drive bitcoin‘s Price larger in 2024. 


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