Bitcoin Bull Market Mike Novogratz believes ETFs will drive more Long retail demand

Mike Novogratz, CEO of Galaxy Digital and a well-known figure in the digital asset space, shares his thoughts on the future of Bitcoin and the impact of exchange-traded funds (ETFs) on retail demand.
In a recent interview with Forbes, Novogratz highlighted the transformative role of traditional finance in driving Bitcoin's next phase of growth.
ETF effect
The recent approval of the first U.S.-listed Spot Bitcoin exchange-traded fund by the U.S. SEC has greatly boosted Novogratz's optimism.
Novogratz said the development marks a watershed moment for the industry and could herald a new era of institutional and retail engagement with digital assets.
ETFs are seen as a key driver in expanding the investor base of Bitcoin and other Crypto Assets because they are easily accessible and familiar to traditional investors.
The move could address some of the liquidity and Fluctuation issues that had previously prevented more conservative investors from entering the Crypto Assets market.
Novogratz remains bullish on Bitcoin
Despite the positive momentum generated by the introduction of ETFs, Novogratz warned that lingering regulatory uncertainty has cast a shadow over the future of the sector.
His criticism extends to the SEC's regulatory approach and the need for a more coherent and supportive legislative framework to promote innovation and stability in the Crypto Assets industry.
However, he remains bullish on Bitcoin's role as a store of value, comparing it to gold.
In another CNBC interview, Novogratz predicted a possible correction in Bitcoin prices, but remained optimistic for the long term.
He pointed to the important role of institutional money flowing into the market, especially through ETFs, which could drive Bitcoin higher in 2024.
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