Pro-XRP Lawyer Backs Mike Novogratz’s BTC Spot ETF Approval Timeline Prediction

In a recent Squawk Box interview, Galaxy Digital’s Mike Novogratz ignited anticipation by forecasting the imminent approval of a spot Bitcoin ETF. According to the interview, Novogratz believes this development could add significant momentum to the crypto market, pointing to a potential approval in the coming weeks, a crucial timeline linked to the SEC’s review of Grayscale’s spot Bitcoin ETF application.

Meanwhile, pro-XRP lawyer John Deaton, reacting to Novogratz’s insights on the X platform, expressed optimism, speculating on a potential ‘buy the news’ scenario.

Mike Novogratz’s Bold Bitcoin Spot ETF Prediction

Galaxy Digital’s Mike Novogratz, a prominent figure in the cryptocurrency space, recently shared his bullish expectations for the approval of a spot Bitcoin ETF in the coming weeks. Notably, he attributes this optimism to the Federal Reserve’s dovish stance, suggesting that the markets are responding positively to the crypto-friendly environment.

Meanwhile, Novogratz is eyeing a pre-January 10 announcement, citing the SEC Chair Gary Gensler’s timeline before facing potential issues with Grayscale’s lawsuit. In addition, he envisions the approval as “more fuel for a fire,” predicting a positive impact on crypto stocks.

However, Novogratz’s projection, while linked to Grayscale, pertains to an unrelated application from Ark Invest and 21Shares, with the January 10 deadline marking a pivotal moment for approval or rejection. Notably, despite potential rejections, the SEC’s engagement with various applicants and filing amendments hints at a probable green light.

Meanwhile, Novogratz concludes that the crypto market may witness a surge, with the Bitcoin Spot ETF approval acting as a catalyst.

Also Read: Cathie Wood’s Ark Invest Offloads Coinbase (COIN) and Robinhood (HOOD) Shares Amid Rally

Pro-XRP Lawyer John Deaton Shares Optimism

Reacting to Novogratz’s forecast, XRP lawyer John Deaton shared his surprise at the market not reflecting a more immediate response. On the X platform, Deaton agreed with Novogratz, stating, “Very good chance Mike Novogratz is on target here.”

Notably, he speculates whether the imminent ETF approval will trigger a ‘buy the news’ event, highlighting the unique dynamics of market reactions. Deaton’s comments add another layer of intrigue to the evolving narrative, leaving investors and enthusiasts eagerly anticipating the potential surge in the crypto space.

Meanwhile, in another X post, Galaxy Digital rebuked Senator Elizabeth Warren for what he sees as a transformation from well-intentioned beginnings to a “disingenuous know-it-all” seeking headlines. Novogratz urged a shift from populist leaders, emphasizing the need for achievers.

Notably, this criticism comes in response to Sen. Warren’s recent letter questioning the involvement of former national security officials in a letter sent by the Blockchain Association, portraying a growing divide in perspectives on the crypto space.

Also Read: Senator Elizabeth Warren Lashes Out At Crypto Firms For Building Lobbying Army