Cathie Wood On Spot Bitcoin ETF Approval: ‘Price-Moving Event,’ Targets $4 Billion In Ark 21Shares Inflows

Cathie Wood, the founder, CEO, and CIO of ARK Invest, recently shared her thoughts on the approval of the Spot Bitcoin ETF, stating that “you can never say 100%.” The Ark21Shares Bitcoin ETF is one of the applicants eagerly awaiting the SEC’s decision. Wood believes that if approved, it would be a significant “price-moving event” for Bitcoin, considering the involvement of institutional players.

Wood also referred to Bitcoin as a “new asset class” and emphasized that there is much to learn from this technology. In a previous interview with Benzinga CEO Jazon Raznick, Wood expressed an ultra-bullish price target of $1 million for Bitcoin within the next five to seven years.

Regarding the initial flows for ARCB, Wood mentioned that her fund has been engaging with various institutions, including state pension funds and treasurers, to secure investments. Unlike ARK’s usual focus on retail investors, the ARCB fund aims to attract institutional investors. Wood acknowledged that institutional investments require a longer process and more due diligence, implying that the success of ARCB would not be immediate. However, she targets $4 billion in fund inflows, which she considers an “amazing success,” although she did not provide a specific timeframe.

Looking ahead, Wood expressed optimism that the approval process for the Spot Bitcoin ETF would expedite the approval of future digital asset ETFs. However, she noted that this outcome largely depends on the SEC.

Wood’s insights and predictions have garnered attention in the cryptocurrency community, as she has been a prominent figure advocating for the potential of Bitcoin and other digital assets. Her perspectives on the approval of the Spot Bitcoin ETF and the future of digital asset ETFs will undoubtedly be closely followed by investors and industry observers.

Disclaimer: The information provided in this article does not constitute financial advice. Readers are encouraged to do their own research and consult with a professional advisor before making any investment decisions.

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