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Bitcoin’s Big League Play: Spot ETF Could Touch Down in 2023, Says Crypto Titan Novogratz

In the thrilling arena of digital assets, a new player might soon dash onto the field, if Galaxy Digital CEO and well-known cryptocurrency advocate Mike Novogratz’s latest predictions are any indication. Picture this: A spot Bitcoin ETF, donning its jersey and ready to join the financial major leagues as early as 2023. Sounds exciting, right?

During a recent sideline chat with CNBC, Novogratz shared some insider plays. He’s eyeing a significant play-call change from the Securities and Exchange Commission (SEC) that could send a spot Bitcoin ETF sprinting down the investment field sooner than we think — potentially even before the final whistle blows in 2023.

Why the sudden shift in the game plan? Novogratz points to a recent legal showdown where Grayscale took on the SEC and emerged victorious, solidifying its position to convert its Bitcoin trust into an ETF. The referee in this case (a.k.a the judge) called out the SEC’s play, challenging the logic of approving futures ETFs while blocking the pass for cash ETFs. Novogratz playfully recounted, “That makes intellectually zero sense.” Looks like the SEC might need a new game plan.

Despite Bitcoin fumbling slightly and dropping 0.9% to a cool $28,257 on a recent Wednesday, the demand for a spot Bitcoin ETF is rallying like fans in a stadium. Heavy hitters like BlackRock, the world’s most valuable player in asset management, are already in the ETF tryouts, eagerly awaiting the SEC’s nod to officially join the game.

And here’s the kicker: Bitcoin’s reputation is getting a major boost. Once viewed as an unpredictable rookie, it’s now seen as a reliable store of value, according to Novogratz. Even BlackRock’s coach, Larry Fink, has morphed into a cheering Bitcoin fan, a sentiment shift that Novogratz believes could rocket the cryptocurrency to star-player status.

“It’s just a recognized macro asset. And that’s a huge psychological shift,” Novogratz emphasized, likely referring to Fink’s newfound bullish stance.

However, it’s not just about the fans; we’re all eyeing the SEC’s next move. They’ve been playing defense on the spot Bitcoin ETF approval, despite some persuasive offense from lawmakers urging a faster decision.

So, what’s the takeaway for our finance aficionados, entrepreneurs, and everyone else who loves a good game? Keep your eyes on the digital scoreboard, folks! If Novogratz’s predictions hold true, we might just witness Bitcoin’s historic touchdown in the investment major leagues.