Galaxy Digital Founder Predicts Massive Institutional Adoption of Cryptocurrencies in 2024
During a recent quarterly earnings call, Mike Novogratz, the founder of Galaxy Digital, made a bold prediction that 2024 will see a surge in institutional adoption of cryptocurrencies. This surge, he claimed, will be largely driven by the anticipated approval of Bitcoin (BTC) spot exchange-traded funds (ETFs).
According to Novogratz, the approval of several ETFs is no longer a matter of “if” but “when.” Galaxy Digital has already filed its spot Bitcoin and Ether (ETH) ETF applications with the United States Securities and Exchange Commission in partnership with Invesco in Q3 of 2023.
Prominent ETF research analysts are also optimistic about the future, with predictions that the SEC will have approved 12 major Bitcoin spot ETF applications by January 2024. Novogratz remarked, “2024 literally is going to be a year of institutional adoption, primarily first through the Bitcoin ETF, which will be followed by an Ethereum ETF.”
He emphasized that institutional investment could reach a peak in 2025, particularly in tokenization and wallets. Moreover, Novogratz believes that maintaining dollar-backed stablecoins will be crucial for the U.S. landscape.
The potential influence of an Ether spot ETF was also discussed, with Novogratz raising concerns about its reception compared to a Bitcoin ETF due to the difference in staking models.
Overall, the approval of a Bitcoin ETF is expected to bring a surge of institutional confidence and funding to the cryptocurrency space. Novogratz believes that this ETF will breathe new life into the system and attract substantial capital, benefiting the entire cryptocurrency ecosystem in the long run.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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