Novogratz: SEC Bitcoin ETF Approval Could Spark 'Supply Crunch' and Price Surge
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Novogratz believes SEC approval of a spot Bitcoin ETF could cause a "supply crunch" and send Bitcoin prices soaring due to new demand from institutional investors.
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If Wall Street allocates even 1% of assets to crypto, it could significantly impact Bitcoin's price due to its limited supply.
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Some are skeptical the new ETFs will have as large an impact as expected since money may just move from existing crypto funds.
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Bitcoin was created as an alternative to fiat currency, so poor U.S. economic health could validate crypto and drive adoption.
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Novogratz has a vested interest in crypto, so while his arguments make sense, readers should decide for themselves whether to invest in Bitcoin.