Mike Novogratz Predicts a Bitcoin ETF War Between Invesco, BlackRock, and Fidelity
The recent regulatory approval of 11 Bitcoin (BTC) spot exchange-traded funds (ETFs) has set the stage for an intense battle among asset management firms.
Renowned crypto enthusiast Mike Novogratz, who is CEO of Galaxy Digital, has forecasted a fierce struggle for dominance between Invesco, BlackRock, and Fidelity.
Speaking with CNBC, Novogratz emphasized that the cryptocurrency ETF landscape is not one-size-fits-all.
He explained that winning the war in this emerging market hinges on factors such as execution, liquidity, and hidden fees, rather than merely reducing expense ratios.
Mike Novogratz’s firm has even partnered with Invesco to launch its own cryptocurrency ETF, giving him firsthand experience in the field.
“The regulatory approval of these 11 bitcoin spot ETFs this week set Wall Street on a chase for customers, with two to three management firms likely to win out in the long run,” said Novogratz, highlighting the intense competition that has already begun in the race to attract investors.
While he refrained from making specific predictions about the ultimate victors, Novogratz believes that Invesco, BlackRock, and Fidelity will be the key contenders in this crypto showdown.
These industry giants are positioning themselves to capture a significant share of the growing market. Furthermore, Novogratz’s bullish outlook on Bitcoin remains unwavering.
He anticipates further appreciation in the cryptocurrency’s value, driven by the ongoing tightening of its supply.
Many long-term Bitcoin holders are reluctant to sell their holdings, leading to decreased available supply and potential price surges.
Novogratz’s sentiment aligns with the view that Bitcoin’s unique asset-holding culture distinguishes it from traditional assets.
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