Mike Novogratz, the CEO of Galaxy Digital, recently highlighted a new potential catalyst for Bitcoin's price growth.
In a CNBC interview, he suggested that options trading tied to spot market Bitcoin exchange-traded funds (ETFs) could significantly boost Bitcoin’s value. He mentioned that the U.S. Securities and Exchange Commission (SEC) has indicated that these options are on the horizon, although the exact timing remains uncertain.
Novogratz pointed to the strong demand for Bitcoin ETF options trading, noting the trading activity of MicroStrategy Inc. as an example. He explained that MicroStrategy’s stock trades at more than 2.3 times the value of the Bitcoin it holds, primarily due to the popularity of options trading.
He observed a growing interest among younger investors on platforms like Robinhood who are eager to engage with leveraged crypto investments.
He anticipates that inflows into Bitcoin ETFs will be a sustained trend over the coming years. Additionally, Novogratz predicts that the U.S. will see clearer regulatory guidelines for digital assets within the next year, irrespective of the outcome of the upcoming presidential election.
He believes this regulatory clarity will foster greater adoption of crypto within traditional finance and stimulate innovation in blockchain technology.
According to him, it’s essential for Congress to pass legislation that outlines market infrastructure and stablecoin regulations, as well as guidance for traditional financial institutions to manage crypto assets.
Robert Kiyosaki, known for his best-seller “Rich Dad Poor Dad,” has become a strong advocate of Bitcoin, despite joining the crypto scene later than many.
New data reveals that Bitcoin long-term holders (LTHs) have significantly increased their supply over the past month.
An upcoming HBO documentary, directed by Cullen Hoback, is set to explore one of the biggest mysteries in the digital world: the identity of Bitcoin’s creator, Satoshi Nakamoto.
Cryptocurrency expert il Capo of Crypto has revised his outlook in light of Bitcoin’s recent downturn and the sluggishness in the broader market.