ETF on Bitcoin: according to Galaxy’s CEO “Big Things Coming”

The CEO of Galaxy Digital, Mike Novogratz, kicks off the new 2024 by posting on X the phrase “Big Things Coming” (translated: Grandi cose in arrivo).

His message refers to the questions about ETFs on Bitcoin spot that, according to his predictions, will be approved by the Securities and Exchange Commission (or SEC) of the USA, by January 10, 2024. 

Bitcoin ETFs: Galaxy CEO excited for SEC verdict, expected in January 2024

On X, the CEO of Galaxy Digital, Mike Novogratz, published his New Year’s tweet, highlighting his excitement for what could soon happen. 

“Happy New Year! Great things are coming. #BlockYourCalendar”

The phrase “Big Things Coming” refers to ETF applications for Bitcoin spot submitted to the United States Securities and Exchange Commission (SEC) by various issuers throughout 2023.

Novogratz expects that already at the beginning of this new year, the SEC will give its verdict: approval or disapproval. 

Obviously, given his level of enthusiasm, the CEO of Galaxy Digital predicts the approval of the first applications. In fact, specifically, Novogratz stated in an interview with CNBC that the deadline for the approval or rejection of a Bitcoin spot ETF by the SEC will be January 10th.

The topic “ETFs on Bitcoin spot” has become highly popular in 2023 for the entire crypto sector, with several issuers such as BlackRock, Grayscale, Ark Invest, and 21Shares participating in the SEC’s verdict. 

Bitcoin ETF spot: Galaxy Digital CEO sees January 10th as expiration date

While Novogratz stated that the deadline for the approval of Bitcoin ETFs in the USA is January 10th, James Seyffart from Bloomberg would have instead indicated the period from January 5th to 10th, 2024. 

This is obviously a perspective in line with the optimism of Galaxy Digital’s CEO, who has also introduced the new hashtag #BlockYourCalendar to emphasize it. 

Anyway, the financial management and investment company, specialized in crypto, wanted to take a stance, predicting even the fluctuations in the price of Bitcoin, in case the SEC proceeds with the approval of the first ETF on bitcoin spot. 

In late October, the associate researcher at Galaxy Digital, Charles Yu, would have published a blog post stating that the price of BTC should increase by +74.1% during the first year following the launch of spot Bitcoin ETFs in the USA.

In this sense, the estimated total market size for BTC-based ETFs will reach $14.4 trillion in the first year of launch. 

Yu also said that the price of Bitcoin will increase by 6.2% in the first month following the launch of the ETF, with a downward trend in the following months until reaching a monthly increase of 3.7% within the twelfth month.

The price of BTC in 2024 exceeds the annual high of 2023

Novogratz’s enthusiasm seems to be widely shared by the crypto community, as in the last 24 hours of these first two days of 2024, the BTC price has pumped up by +7%.

At the time of writing, BTC has reached $45,200, setting a new price in 2024, surpassing the annual high of the entire 2023. 

And in fact, a few hours ago, the general crypto sentiment towards Bitcoin has risen, with the Fear and Greed Index reaching a Greed score of 71, compared to the previous 65. 

Not only that, while Novogratz talks about spot Bitcoin ETFs, other individuals point out that 2024 is also the year of BTC halving, and that this makes it overall “the year of Bitcoin”. 

Just like Michael Saylor, CEO and founder of MicroStrategy, who posted the following:

“Welcome to 2024, the year of #Bitcoin.”