In a recent interview with Fox Business, Mike Novogratz, a well-known proponent of Bitcoin and the CEO of Galaxy Digital, voiced enthusiasm about the prospects of a Bitcoin exchange-traded fund (ETF).
The potential introduction of an ETF by BlackRock was referred to as “the best thing that could happen to Bitcoin” by Novogratz in a recent tweet.
He highlighted to Liz Claman that if BlackRock CEO Larry Fink could successfully introduce a Bitcoin ETF, it would greatly increase institutional involvement in the cryptocurrency market.
The timing of Novogratz’s remarks coincided with a period of regulatory uncertainty for cryptocurrencies in the U.S. His remarks specifically addressed the regulatory scrutiny the cryptocurrency industry is now seeing in light of the Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase.
He said that the regulatory environment’s ambiguity has hindered institutional investment in cryptocurrencies.
Despite these difficulties, Novogratz finds a bright spot in the tenacity of small-scale investors, who he believes still make purchases of cryptocurrency. Bitcoin trades beyond the $25,000 barrier, maintaining its resilience despite the turbulent market. People would “scratch their heads” if you told them that all of this would occur and Bitcoin would still be up year over year, according to Novogratz.
Additionally, Novogratz said it has “almost become essential” to contemplate moving Galaxy’s operations abroad in order to conduct business without worrying about retaliation.
He specifically mentioned Hong Kong as a possible location, indicating a future change in how bitcoin firms may react to government pressure.
