Mike Novogratz: Spot Bitcoin ETF expected to be launched in the United States in 2024

Mike Novogratz, founder of Galaxy Digital, commented on the recent settlement agreement between Binance.US and the US Department of Justice in an interview with Bloomberg TV's Sonali Basak. He believes that this settlement is a positive development for Binance and the broader cryptocurrency industry, reducing the risks and concerns associated with dealing with Binance. Novogratz believes that after the crash in 2022, the industry will become cleaner and more stable, with many bad actors being eliminated. He remains optimistic about the future of Bitcoin, especially with the expected launch of a spot ETF in the US in 2024. Novogratz predicts that a large influx of investment into Bitcoin could push up prices, especially against the backdrop of a Fed rate cut cycle.

Novogratz also discussed the potential impact of ETFs on the Bitcoin market. He expects the first year of investment to reach as high as $10 billion, which could have a significant impact on the price of Bitcoin. Novogratz believes that this development will mark a key moment for the cryptocurrency industry, indicating wider acceptance and institutional interest in Bitcoin and other potential cryptocurrencies.