Billionaire Mike Novogratz Believes BlackRock’s Bitcoin ETF Application Holds Great Promise for the Crypto Market

Galaxy Digital CEO asserts that BlackRock's potential Bitcoin spot ETF could usher in a new era of institutional participation in Bitcoin investment.

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Billionaire, Mike Novogratz, has expressed the opinion that BlackRock’s application for a Bitcoin spot ETF is the best thing that could happen to Bitcoin.

In an interview with The Claman Countdown, the CEO of Galaxy Digital pointed out that BlackRock, an investment firm with more than $10 trillion in assets under management, is close to succeeding in creating the first Bitcoin spot ETF, which will be a vehicle for large investors to invest in Bitcoin.

However, so far, all requests for Bitcoin spot ETFs have been rejected by the US Securities and Exchange Commission (SEC).

“If BlackRock CEO Larry Fink can pull it off, it will be a surprisingly big deal for the space because it will really make it easier for institutions to participate, as BlackRock is the largest asset manager in the world. There’s no reason not to have a Bitcoin ETF, as we already have Bitcoin ETF futures. The judge already sort of punished the SEC for the craziness in the Grayscale case, so we’ll see.”

Continuing, Novogratz noted to his 463,000 Twitter followers that if BlackRock succeeds in its application for a Bitcoin spot ETF, it will be the best possible development for the top cryptocurrency asset by market cap.

“If BlackRock succeeds in a Bitcoin ETF, that would be the best thing that could happen to Bitcoin.”

BlackRock filed its application with the SEC to create the “iShares Bitcoin Trust” on June 15. In the past, other companies have tried to create Bitcoin ETFs such as Grayscale, VanEck and Cathie Wood’s ARK Invest.

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