Mike Novogratz, a prominent Bitcoin bull and CEO of Galaxy Digital, expressed optimism about the potential of a Bitcoin exchange-traded fund (ETF) in a recent interview with Fox Business.
Novogratz characterized BlackRock's possible ETF launch as "the best thing that could happen to Bitcoin" in a recent tweet.
Speaking with Liz Claman, he explained that if BlackRock CEO Larry Fink could successfully launch a Bitcoin ETF, it would significantly boost institutional participation in the crypto space.
Novogratz's statements came amid a time of regulatory turbulence for cryptocurrencies in the U.S. His comments referred particularly to the regulatory scrutiny the crypto space is currently facing, with the Securities and Exchange Commission (SEC) suing Binance and Coinbase.
He stated that the uncertainty surrounding the regulatory landscape has slowed institutional flows into crypto.Despite these challenges, Novogratz sees a silver lining in the resilience of retail investors, who he claims continue to buy cryptocurrencies. Even amidst the tumultuous environment, Bitcoin maintains its strength, trading above the $25,000 mark. "If you told people that all of this was going to happen and Bitcoin would still be up on the year, they would scratch their heads," Novogratz said.
Furthermore, Novogratz revealed that considering the relocation of Galaxy's operations overseas has become "almost essential" to operate without fear of retribution.
He particularly pointed to Hong Kong as a potential destination, signaling a potential shift in how cryptocurrency businesses may respond to regulatory pressure in the future.