Regarding the establishment of a spot Bitcoin ETF, Galaxy Digital CEO Michael Novogratz has boldly predicted that the US Securities and Exchange Commission (SEC) will approve the financial product in January. Before the critical deadline of January 10th, Novogratz made particular reference to a possible approval, which was a big step forward for the cryptocurrency industry.

More than a dozen applications from different issuers hoping to launch the first Spot Bitcoin ETF in the US are being reviewed by the SEC. The digital asset market has been watching the SEC’s decision with eagerness because the prospective approval might have a significant impact on the sector.

Growth of ETFs in 2023

Exchange-Traded Funds (ETFs) have become increasingly popular in the cryptocurrency market in 2023, and many applicants have submitted proposals to the SEC to introduce these financial products. The first Spot Bitcoin ETF launch in the US is receiving special attention.

The rumors about the SEC’s judgment on Bitcoin ETFs have gotten more intense as 2024 draws near. The expectation is increased by Novogratz’s bullish prognosis, which indicates that a spot Bitcoin ETF might be approved in January. He stressed how crucial the deadline of January 10th is as a “drop-dead date” for SEC Chair Gary Gensler’s decision.

Novogratz also discussed the Federal Reserve’s dovish posture and how it would affect the cryptocurrency market in light of projected interest rate reductions. Novogratz predicts that the cryptocurrency market would support such a cautious stance. In closing, he restated his belief that a spot Bitcoin ETF will be approved before January 10th.

Decision-Making Window

The SEC’s judgment on Bitcoin ETFs is expected to come sometime between January 5 and January 10, according to prior reporting by Bloomberg’s James Seyffart. Novogratz’s optimistic prognosis coincides with this timeline, indicating that the much-awaited approval, should it be given, may occur within this time range.

The potential approval of a spot Bitcoin ETF may be a major step toward integrating cryptocurrencies into regular financial markets, and the cryptocurrency industry is anxiously awaiting the SEC’s decision.