Billionaire Mike Novogratz says that BlackRock filing for a Bitcoin (BTC) exchange-traded fund (ETF) is the best thing that could happen to the king crypto.
In a new interview on The Claman Countdown, the Galaxy Digital chief executive says that he’s hoping for BlackRock, an investment firm with over $10 trillion in assets under management, to succeed because it would make it easier for blue-chip investors to dive into the space.
[adinserter block="1"]However, as of writing, all BTC ETF requests sent to the U.S. Securities and Exchange Commission (SEC) for approval have thus far been rejected.
“I say a Hail Mary and two Our Fathers every night that they are successful. If [BlackRock chief executive] Larry Fink can pull it off, that’s a stunningly big deal for the space because it makes it really easy for institutions to participate [as] they’re the biggest asset manager in the world…
There’s no reason we shouldn’t have a Bitcoin ETF, we’ve got a futures ETF. The judge already kind of chastised the SEC for the lunacy of that in the Grayscale case, so we’ll see.”
Further elaborating his stance, Novogratz tells his 463,000 Twitter followers that BlackRock succeeding in its bid for a BTC ETF would be optimal for the top crypto asset by market cap.
“BlackRock getting a BTC ETF through would be the best thing that could happen to BTC.”
BlackRock initially filed a request with the SEC for the iShares Bitcoin Trust on June 15. Other companies that attempted to create BTC ETFs include Grayscale, VanEck, and Cathie Wood’s ARK Invest.
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