Galaxy Digital’s Bullish Outlook: $10 Billion Primed for Bitcoin Spot ETF, BTC Set for New Highs in 2024
Anticipation Builds for Bitcoin Spot ETF
The United States Securities and Exchange Commission (SEC) continues to review over ten applications for Bitcoin spot Exchange-Traded Funds (ETFs). James, a senior ETF analyst at Bloomberg, optimistically predicts a 90% chance of approval by January next year. Echoing this sentiment is Michael Novogratz, CEO of Galaxy Digital, one of the world’s largest crypto asset management firms, who foresees a swift SEC approval possibly by the end of this year or January 2024.
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An Avalanche of Funds Awaits Bitcoin ETF
Novogratz anticipates a massive inflow of funds, projecting up to $10 billion in the first year of trading for the Bitcoin spot ETF. He also believes that the uncertainties surrounding the 2024 election year will further propel the growth of digital assets, marking a transformative event in the acceptance of Bitcoin by institutions.
Further reading：Mystery Buyer Acquires Over 11,000 Bitcoins in a Month — A Prep for a Spot ETF?
Galaxy Digital’s CEO Predicts Bitcoin to Break Records
Novogratz is confident that the approval of the Bitcoin spot ETF will be a catalyst for Bitcoin to revisit its 2021 bull market peak of nearly $69,000 within a year. This optimism is based on the historical precedent set when the Bitcoin futures ETF was approved in late October last year, leading to a significant price surge.
Economic Slowdown and Interest Rate Cuts: A Boon for Bitcoin
The Galaxy Digital CEO foresees a significant economic slowdown in the first quarter of 2024, prompting the Federal Reserve (Fed) to initiate interest rate cuts by the end of the first or early second quarter. He predicts this will drive substantial investments into Bitcoin, gold, and silver.
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Binance’s Settlement with the U.S. Justice Department: A Positive Step Forward
Novogratz comments on the recent settlement agreement between Binance and the U.S. Justice Department, viewing it as a positive development for both the exchange and the broader crypto industry. Binance’s agreement to pay a staggering $4.3 billion fine and the resignation of founder CZ as CEO, handing over the reins to the compliance-savvy Richard Teng, is seen as reducing risk and concerns for institutions and investors dealing with Binance.
Further reading：Binance’s $4.3 Billion Settlement with US Justice Department: A Historic Move in Crypto Enforcement
Further reading：Binance Saga Signals Regulatory Risks Priced-In, Paving Way for Next Crypto Bull Run
A Cleaner and More Stable Crypto Industry in 2024
Novogratz believes that the crypto industry has become cleaner and more stable post the 2022 crash, as many bad actors like FTX have been weeded out. This cleaning up paves the way for greater institutional adoption and a bullish future for Bitcoin, particularly with the anticipated approval of the Bitcoin spot ETF.
Keywords: Galaxy Digital, Bitcoin Spot ETF, SEC, Michael Novogratz, Cryptocurrency, Investment, Binance Settlement, U.S. Justice Department, Economic Forecast, Federal Reserve, Interest Rates
