Cathie Wood, the influential CEO of Ark Invest, has expressed optimism about the possible approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) by January 10. Notably, she highlighted a positive shift in the SEC’s “depth of knowledge” and an enhanced understanding of the relevant issues.
Bitcoin ETF Approval Catalyst for Institutional Influx
In a recent CNBC interview, Cathie Wood stressed the crucial role that a spot Bitcoin ETF could play in drawing institutional interest to the cryptocurrency space. She thinks once these big institutions get involved, they will want to try different types of investments.
Offering praise to 21Shares, a major ETP crypto provider boasting around $2 billion in assets, Wood highlighted their commendable contribution to the dynamic evolution of the crypto landscape.
In terms of the potential effect on Bitcoin’s price following spot ETF approval, Wood acknowledged the likelihood of a short-term impact. But she strongly believes that when big companies start putting money into Bitcoin, it will have a really big and lasting impact on its value.
Wood explained, “We’re keeping an eye on everything, and everything seems to be working fine,” stressing how important it is to actively manage different investment strategies as the market keeps changing.
Bitcoin as a Hedge and Global Tender
Looking into the future, Wood predicted a continuation of the positive trend seen in 2023, during which Bitcoin achieved a remarkable 50% gain despite challenges such as a regional bank crisis. Highlighting the unique features of crypto tokens, including decentralization and transparency, Wood stressed their appeal to investors for tracking on-chain activities.
Wood asserted Bitcoin’s role as a hedge against both inflation and deflation, envisioning a future where Bitcoin will be treated as an investment comparable to physical gold.
As institutional interest continues to grow, Wood’s bullish sentiments and predictions provide a glimpse into the evolving landscape of Bitcoin and the broader cryptocurrency market in the coming year.