In 2024, according to Galaxy Digital CEO Mike Novogratz, there will be a rise in institutional adoption of cryptocurrencies, with the introduction of an exchange-traded fund (ETF) based on the spot price of Bitcoin as its leader, followed by Ethereum.
This was mentioned by Novogratz during a discussion with investors regarding the third quarter’s results. He expressed confidence that the approval of multiple ETFs is imminent, and believes that this tool will not only bring a sense of trust within the institutional community, but also a significant amount of investment into the cryptocurrency industry.
Novogratz emphasized that the ETF will serve as a breakthrough in revitalizing the ecosystem and will bring in much-needed capital for the growth and development of the cryptocurrency space.
However, the CEO acknowledged that obtaining approval for an Ethereum-ETF may face hurdles due to its staking model.
In August, Novogratz had predicted that the first spot Bitcoin ETF could potentially receive approval in the US by February 2024.
However, a few months later, he revised his forecast to the end of this year. Analysts from QCP Capital believe that the decision to launch the ETF might be postponed until January 2024.
