Crypto expert and billionaire Mike Novogratz believes Bitcoin is about to get a big boost, and it all comes down to options trading.
Bitcoin ETF Options: The Big Catalyst
Novogratz, the CEO of Galaxy Digital, thinks options trading for Bitcoin exchange-traded funds (ETFs) will send Bitcoin prices soaring. He’s excited about the recent approval of options for BlackRock’s Bitcoin ETF by the US Securities and Exchange Commission (SEC).
“The next big jolt to Bitcoin is going to be when we have options that trade on the ETFs,” Novogratz said. He believes there’s a huge demand for this kind of trading, pointing to the success of MicroStrategy, a company that allows retail investors to get leverage on Bitcoin.
More Than Just Options: Regulatory Clarity on the Horizon
Novogratz also predicts that the US will become more crypto-friendly in the next year, regardless of who wins the upcoming presidential election. He thinks this will lead to more traditional finance (TradFi) companies getting involved in crypto and a boom in blockchain innovation.
“I think it’s relatively simple what DC has to do,” Novogratz said. “They have to pass a market infrastructure bill that’s not too suffocating… Once there’s clarity, you’ll see a lot more innovation on blockchains.”
The Future of Bitcoin: A Long-Term Play
Novogratz sees the potential for Bitcoin ETF options as a long-term trend, not just a short-term bump. He believes that these options will continue to drive investment in Bitcoin for years to come.
Disclaimer: This information is for general knowledge and does not constitute investment advice. Always do your own research before investing in any cryptocurrency.
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