\u201cIt will get approved\u2026 We think it happens this year in 2023. All the indications of dealings seemed to be heading in the right direction.\u201d <\/em><\/p>\nAccording to Novogratz, Chair Gensler is feeling the pressure \u201cto do something rational\u201d now that the SEC\u2019s stance regarding the creation of a spot Bitcoin ETF was deemed inconsistent in court.<\/p>\n
\u201cThe most significant piece was the SEC lost in court. The judge said, \u2018what are you talking about, SEC? You have a futures ETF, and you\u2019re saying you can\u2019t have a past ETF.\u2019 <\/em><\/p>\nThat makes, intellectually, zero sense. I think that put the SEC on the back foot. I think Gensler needs a win. There\u2019s a tremendous amount of pressure to do something that is rational. The American public wants this.\u201d<\/em><\/p>\nNovogratz goes on to say that the positive news of an ETF approval coupled with a rush of institutional capital will inevitably send crypto markets higher.<\/p>\n
\u201cThe market will head higher on any positive news. You\u2019re going to have [the] Invesco sales force, Blackrock sales force, Cathie Wood\u2019s sales force \u2013 all out selling Bitcoin. Bitcoin has always been an instrument that is sold, not bought.\u201d<\/em><\/p>\nBitcoin is trading for $28,257 at time of writing.<\/p>\n