“ARK Invest Applies for Spot Bitcoin ETF“
Cathie Wood’s ARK Invest is one of the first companies to apply to the SEC for a spot Bitcoin ETF on US markets. The application by ARK is the first that will require a verdict from the SEC. The SEC must rule on the application by January 10, 2024, and many believe that approval is likely. Recently, Cathie Wood stated that the likelihood of approval has increased due to interactions between ARK and BlackRock with the SEC.
“Approval of ETFs“
The expectation is that the SEC will approve spot Bitcoin ETFs in the US markets by early January. It’s unlikely that only ARK’s application will be approved, as doing so would give an unfair advantage. There are multiple applications and approving all qualifying ones at once is a credible assumption.
“Reasons for Past Rejections“
Wood suggested that previous rejections from the SEC were motivated by personal ambitions of Gary Gensler, the current SEC chairman. Gensler has opposed spot Bitcoin ETFs due to his interest in becoming Treasury Secretary.
“The Cryptocurrency Problem“
Gensler’s opposition aligns with Democratic party views against cryptocurrency, while Republicans seem more in favor. Wood predicts that the crypto market could grow to $25 trillion by 2030, which would imply a Bitcoin price of about $650,000.
“Hot Take: Cathie Wood Prediction about SEC Approval of Bitcoin Spot ETF“
Cathie Wood’s prediction about the growth of the crypto market and Bitcoin price should be taken with caution, as it may be influenced by her interest in promoting her spot Bitcoin ETF shares once approved.
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