BTC ETFs Will Drive Institutional Adoption in 2024
Galaxy Digital founder Mike Novogratz predicts that 2024 will be a year of institutional adoption of cryptocurrencies, driven by the pending approval of Bitcoin spot exchange-traded funds (ETFs). The firm filed its spot Bitcoin and Ether ETF applications with the US Securities and Exchange Commission in Q3 2023.
Investors’ sentiment has turned bullish in November 2023, with prominent ETF research analysts predicting 12 major Bitcoin spot ETF applications by January 2024. In 2025, institutional investment could come to a head as investments in tokenization and wallets ramp up.
Novogratz believes that a dollar-backed stablecoin should remain a central cog in the wider cryptocurrency ecosystem, providing institutional confidence and significant funding. The potential influence of an Ether spot ETF was also discussed during an investor call. Utility remains an important factor, as different blockchains and their native tokens need to serve a purpose and have “stuff built on them” to sustain long-term value.
(With inputs from Shikha Singh)
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