Mike Novogratz discusses the prospects for Bitcoin investments
Mike Novogratz discusses the prospects for Bitcoin investments
Mike Novogratz, a well-known financier and head of the crypto investment company Galaxy Digital, has made some optimistic predictions about cryptocurrencies.
According to CoinGape, Mike Novogratz strongly believes that the U.S. Securities and Exchange Commission (SEC) will approve spot exchange-traded funds (ETFs) for Bitcoin this year.
Galaxy Digital has long held BTC and ETH and is now actively taking long positions in them on decentralized lending platforms Aave and Compound.
According to crypto analyst Lookonchain at X, investment firm Galaxy Digital is opening long positions in Bitcoin (BTC) and Ethereum (ETH).
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Lookonchain relied on data from Debank. It showed that Galaxy Digital placed 4,168 BTC (worth $142 million) and 16,000 ETH (worth $28.6 million) on decentralized lending platforms Aave and Compound.
Galaxy Digital's portfolio diversification into Bitcoin and Ethereum is a positive for DeFi Networks.
News of Galaxy Digital's investment led to a spike in decentralized exchange tokens: AAVE rose 5%, and COMP jumped 3% overnight.
The recent rally in the crypto market amid rumors of Bitcoin ETF approval led to a 20% and 12% increase in the price of AAVE and Compound, respectively.
Mike Novogratz believes that the beginning of discussions between the U.S. SEC and companies that have applied for Bitcoin ETFs will lead to the approval of exchange-traded funds this year. According to him, the relevant question now is "when, not if".
Read also: Ethereum consolidates forces ahead of further growth.
