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NEW YORK – Cathie Wood, CEO of investment firm Ark Invest, expressed confidence in the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). United by January 2024. This anticipated development is expected to spark institutional investor interest in the cryptocurrency market.
Ark Invest, together with 21Shares, is preparing to introduce Bitcoin and Ethereum Futures ETFs, positioning itself at the forefront of cryptocurrency-related investment products. Mr. Wood drew a parallel between it and physical gold, suggesting that the adoption of bitcoin as legal tender could surpass the current examples of El Salvador and Argentina.
The investment community is closely following the SEC’s decision regarding the ARK 21Shares Bitcoin ETF, which is expected on January 10. Ms. Wood’s optimism comes against a backdrop of regulatory progress and a general market slowdown. Despite these challenges, she forecasts an increase in bitcoin’s market value, which stood at $42,468.92 as of Wednesday morning. The approval of a spot Bitcoin ETF is seen as an important step that could further legitimize cryptocurrencies as an asset class among traditional investors.
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