Cathie Wood Predicts SEC Approval of Bitcoin ETFs in January 2024
Cathie Wood, CEO of Ark Invest, believes that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin (BTC) exchange-traded funds (ETFs) by January 10, 2024. Wood sees this date as a deadline for the regulator itself rather than the applicants. She expressed confidence in the positive dialogue between her company and the SEC, stating that they address any uncertainties raised by the commission.
Positive Outlook on Partnership with 21Shares
In an interview with CNBC, Wood also praised her partner, 21Shares, as a leading provider of cryptocurrency exchange products. This partnership likely contributes to her optimistic outlook on the approval of spot Bitcoin ETFs.
Bitcoin’s Potential for Growth and Risk Hedging
Wood discussed Bitcoin’s potential in 2024, predicting significant growth for the asset. She views Bitcoin as an effective hedge against inflation and economic instability, making it a valuable investment.
Interim Deadline and Multiple Approvals Expected
The January 10, 2024 deadline has been previously mentioned in relation to the approval of spot Bitcoin ETFs. It is considered an interim deadline for the joint Ark Invest/21Shares application. Experts speculate that the SEC may approve multiple applications by this date. The deadline for filing amendments is set for December 29, 2023.
SEC Reviewing Several Applications
The SEC is currently reviewing 8 to 12 applications for opening a Bitcoin ETF, according to Gary Gensler, the head of the regulator. Additionally, representatives from the crypto industry have engaged in multiple meetings with the SEC in November and December.
Hot Take: Cathie Wood’s Optimism Boosts Confidence in Bitcoin ETF Approval
Cathie Wood’s belief in the SEC’s approval of spot Bitcoin ETFs by January 2024 adds to the growing optimism surrounding this development. Her positive dialogue with the SEC and the successful partnership with 21Shares contribute to her confidence. If her prediction holds true, it could open up new investment opportunities for crypto enthusiasts and potentially drive further adoption of Bitcoin as a hedge against inflation and economic instability.
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