Michael Novogratz, in an interview with CNBC clarified: It’s not just about spot ETF bids, but also about the economic situation. Such a development favors risky assets.

“I think by the end of the year the bitcoin rate will be higher. We are now consolidating between $28,000 and $32,000. But bitcoin is gravitating toward growth. I think the rate will rise significantly, but it will happen when the Fed backs off and cuts rates,” says Michael Novogratz.

Galaxy Digital’s CEO sees bids for spot bitcoin-ETFs as a “net positive” for the first cryptocurrency.

“What do I think about the bids by BlackRock, Invesco and others? I think it’s a sign of real acceptance of bitcoin. BlackRock CEO Larry Fink travels the world and talks to owners of the largest capitals. And tells them that bitcoin has become a viable investment alternative. ETFs are the easiest first step for a lot of people. If the SEC approves the application, bitcoin will become a real investment asset. And it won’t just be about BlackRock. It’s going to be a whole huge infrastructure. For example, there’s more invested in the Invesco ETF than the BlackRock ETF. And there are a lot of other players,” Michael Novogratz reasoned.

Galaxy Digital’s CEO recently said he was considering moving his business outside the U.S. because of the nation’s regulatory policies.