Galaxy Digital‘s CEO, Mike Novogratz, predicts that the approval of a Bitcoin spot ETF is imminent, anticipating a boost in institutional investment.

During the Q3 earnings call, he emphasized the belief that approval is just a matter of time. The firm filed ETF applications for Bitcoin and Ether in collaboration with Invesco in Q3 2023.

Positive sentiment among investors in November 2023 suggests the approval of 12 major Bitcoin spot ETFs by January 2024.

Novogratz envisions 2024 as a year of institutional adoption, starting with the Bitcoin ETF and followed by an Ethereum ETF.

As institutions gain confidence and government approval, he expects a broader influx of funds into the cryptocurrency space. The CEO also foresees a potential surge in institutional investment in 2025, particularly in tokenization and wallets.

Novogratz highlights the importance of maintaining dollar-backed stablecoins in the cryptocurrency ecosystem.

He sees the Bitcoin ETF as a catalyst for institutional confidence and significant capital infusion into the crypto space. While discussing the potential Ether spot ETF, Novogratz notes that it may not be as well-received as a Bitcoin ETF due to technical differences related to Ethereum’s staking model.

The CEO emphasizes the importance of blockchain utility and the need for native tokens to serve a purpose and have sustainable long-term value.