Bitcoin ETF

Bitcoin

Source: Ark Invest Instagram 
In a recent interview with CNBC, Ark Invest CEO Cathie Wood expressed optimism regarding the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). 
Wood noted that the signs pointing to <a href="https://cryptonews.com/news/spot-bitcoin-etf-analysts-eye-january-10th-approval-deadline.htm">Bitcoin spot ETF approval in January 2024</a> were “very encouraging,” citing the SEC’s improved depth of knowledge and understanding of relevant issues. 
Wood, who is collaborating with <a href="https://cryptonews.com/news/ark-invest-and-21shares-to-launch-digital-asset-etf-suite.htm">21Shares on Ethereum and Bitcoin futures ETF products</a>, emphasized the importance of a spot Bitcoin ETF in stimulating institutional interest in the crypto space. 
<h2 id="bitcoin-etf-approval-would-bring-in-more-institutions">Bitcoin ETF Approval Would Bring in More Institutions</h2> 
 According to her, once institutions and investors establish a foothold, they will seek ways to diversify their portfolios. Wood commended 21Shares as the “largest pure-play ETP crypto provider in the world with roughly $2 billion in assets,” praising their role in the evolving crypto landscape. 
Talking about the impact of spot ETF approval on Bitcoin’s price, Wood said that there will be a short term impact. However, institutional push into bitcoin will have a quite significant impact on the leading cryptocurrency’s price, she opined. 
“We’re watching the plumbing, and the plumbing works,” Wood remarked, highlighting the significance of actively managing diversification strategies. 
Looking ahead to 2024, 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. She emphasized the unique features of crypto tokens, including their lack of counterparty risk, decentralization, and transparency, allowing investors to track token movements and on-chain activities. 
Wood also asserted that Bitcoin serves as a hedge against both inflation and deflation, foreseeing a future where Bitcoin will be treated as an investment comparable to physical gold. Additionally, she suggested that Bitcoin could be adopted as legal tender in more emerging economies, citing El Salvador and <a href="https://twitter.com/DianaMondino/status/1737874320322424984?s=20">Argentina’s support for Bitcoin</a> and crypto assets.

Spot BTC ETF Approval Will Encourage More Institutions to Invest in Bitcoin: Cathie Wood

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