Novogratz says BlackRock's bitcoin ETF points toward coming adoption

Galaxy CEO Mike Novogratz thinks that the flood of recent proposals for spot bitcoin ETFs, if approved, will be a harbinger of broader crypto adoption. 

"BlackRock, Invesco, the group of ETF providers is a real signal that adoption is coming," Novogratz said Wednesday on Bloomberg TV.

"Think about it. Larry Fink travels the world talking to the biggest pools of capital," he added. "It makes it really easy when he’s out there saying bitcoin is an alternative. And if you’re nervous about who’s your custodian, the ETF is a really easy first step. And so I just think if it happens, it’s the seal of approval from the SEC and the U.S. government that this is an asset." 

Bitcoin as a macro asset

Despite the potentially bullish impacts of recent ETF filings, Novogratz said the world is very early in the path toward wider bitcoin acceptance.

"We are still so early in the adoption of people believing that bitcoin is a macro asset," Novogratz said. "I mean, look at Larry Fink, saying 'hey, bitcoin is this generation’s digital gold, it’s a store of value.' That’s a long way where Larry was four or five years ago."

BlackRock, the world's largest asset manager headed by CEO Larry Fink, filed for a spot bitcoin ETF with the Securities and Exchange Commission on June 15. Galaxy's partner Invesco submitted filings for a bitcoin ETF five days later.