SEC Approval Pending for a Spot Bitcoin ETF
If you are awaiting the approval of a spot Bitcoin ETF, you are likely sharing the sentiment of companies like the futurist investment management firm. CEO Cathie Wood recently noted that there has been a shift in the SEC’s handling of their ETF application. She stated that the agency is now asking questions, rather than outright rejecting their filings as in the past.
This change came as Bitcoin’s price whipsawed throughout the week, surging to $37,900 from $35,200 before plummeting to $35,800 and recovering to $36,000.
Cathie Wood’s Optimistic Bitcoin Price Prediction
Wood believes that the SEC’s potential blessing of a Bitcoin ETF will open the doors for institutional investors to enter the cryptocurrency market. She supports this opinion with the upcoming halving of Bitcoin and the currency’s limited supply of 21 million coins. Wood has predicted a base case of a price of around $650,000 and has emphasized the significant interest from institutional investors in the crypto asset market.
Wood and her firm are staunch supporters of cryptocurrencies, purchasing $100,000 worth of Bitcoin at $250, and they have not sold it since. This was after Wood read Satoshi Nakamoto’s white paper on peer-to-peer electronic cash systems. With today’s Bitcoin prices on exchanges, she is sitting on more than $14 million in unrealized profits.
Continued Bullish Sentiments
Ark Invest remains very optimistic about the future of Bitcoin and other cryptocurrencies, reflecting the sentiment of institutions that have been researching digital assets as a new asset class. A SEC-approved Bitcoin ETF would encourage institutions to enter the market, further driving up the price of Bitcoin. Wood’s prediction of a base case price of $650,000 could be a reality, based on the growth of institutional interest in the market.
Hot Take: Embrace the Potential of a Bitcoin ETF
It is evident that positive sentiment surrounds the potential for a Bitcoin ETF approval. If you are waiting for SEC approval for a spot Bitcoin ETF, the statements from Cathie Wood and Ark Invest should be validating. The increased institutional interest could finally push Bitcoin prices to new highs, potentially reaching the base prediction of $650,000 and beyond.
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