Novogratz Mocks US Government for Selling Bitcoin Ahead of ETF Approval

US Gov sells Bitcoin before ETF approval; Novogratz sees ironic timing, highlighting BlackRock & Invesco involvement as adoption signals. 

In an interview with Bloomberg, Mike Novogratz, the founder of Galaxy Digital Holdings, shared his insights on the crypto market, Bitcoin’s price movement, and the potential approval of spot Bitcoin exchange-traded funds (ETFs). 

Novogratz made an intriguing revelation, suggesting that the US government is selling its Bitcoin holdings just before the anticipated ETF approvals, adding an unexpected twist to the market dynamics.

Recall that The Crypto Basic reported yesterday that the US government moved more than 9,000 Bitcoin (BTC) to multiple addresses.

Novogratz’s View on Bitcoin Price

In the interview, Novogratz acknowledged the recent consolidation of Bitcoin’s price between $28,000 and $32,000. He noted that if the price surpasses the upper limit of this range, it could trigger a significant upward movement, possibly coinciding with a shift in the Federal Reserve’s stance.

However, Novogratz pointed out that despite its less-than-stellar trading skills, the US government’s decision to sell its Bitcoin holdings at this crucial juncture has introduced supply pressure that is currently shaping Bitcoin’s price action.

“US Government selling their Bitcoin right before ETFs likely approbation makes them not the best of traders,” says Novogratz

Notably, Bitcoin trades at $31,239, a 2.81% increase over the last 24 hours.

Weighing in on ETF Approval

In addition to analyzing market trends, Novogratz emphasized the significance of BlackRock and Invesco’s involvement in ETF as a clear signal of forthcoming crypto adoption. He highlighted the influence of Larry Fink, BlackRock’s CEO, who interacts with major capital sources worldwide.

Novogratz expressed that Fink’s endorsement of Bitcoin as an alternative asset, combined with the ease and accessibility offered by ETFs, could serve as a seal of approval from both the Securities and Exchange Commission (SEC) and the US government, solidifying Bitcoin’s position as a recognized asset class.

With multiple players entering the ETF arena, the crypto expert noted that the SEC’s approval would enable extensive sales forces to access cryptocurrencies for previously untapped investors.

However, when asked about the prospects of Galaxy Digital listing its products in the US before the year’s end, Novogratz expressed the challenges posed by the strict regulatory stance on cryptocurrencies.

“This SEC has been really stubborn and tough on crypto; no one of significance has gotten through the listing process,” he remarked.

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• Source: https://thecryptobasic.com/2023/07/14/novogratz-taunts-us-government-for-selling-bitcoin-ahead-of-etf-approval/?utm_source=rss&utm_medium=rss&utm_campaign=novogratz-taunts-us-government-for-selling-bitcoin-ahead-of-etf-approval