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Novogratz: Bitcoin Renaissance Coming as SEC Delays

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Novogratz: Bitcoin Renaissance Coming as SEC Delays

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Galaxy Digital Capital Management’s crypto billionaire founder Michael Novogratz is putting a very positive spin on Bitcoin’s current position, maintaining it has the hit the bottom and is ready to bounce.

Speaking yesterday at Yahoo Finance’s second annual All Markets Summit in New York, the ex-hedge fund manager has further cemented his support of cryptocurrencies, suggesting that Bitcoin is now holding its own above USD 6,000 as a store of value, arguing, “Bitcoin has held USD 6,000. Yes, it is off its highs, but it has established itself as a store of value… I think institutions are moving towards investing. It’s shocking how much has happened.”

Novogratz has long been an outspoken supporter of crypto and one of the industry’s staunchest promoters, maintaining that street level is where new technology will flourish where regular people do things like “rent rooms, ride cars and pay each other to do work“. He has made the point that decentralized “revolution” is yet to make its most significant impact on markets and that banks will miss out on Bitcoin’s continued rise.

Despite last night’s decision by the SEC to delay any decision on Bitcoin exchange-traded funds (ETF) the currency is holding its ground and taking many altcoins with it. The ETF decision is now thought to be delayed until February next year. An official statement by the Commission stated:

“Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change… Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved.”

Some investors see the decision to delay even further as an indication that the SEC is likely to grant approval to ETFs when it finally makes its move next year.

 

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