Cathie Wood Bullish on Bitcoin ETF Approval, Says BTC Will Replace Gold
Ark Invest CEO Cathie Wood expressed confidence that U.S. regulators will finally approve a spot Bitcoin exchange-traded fund (ETF) in the coming weeks. The move would enable Wall Street to tap into crypto exposure like never before. It could also help drive prices substantially higher, according to the star stockpicker.
- Wood is “very encouraged” by the Bitcoin ETF’s progress with the SEC.
- Believes approval is imminent based on feedback technicality.
Speaking on CNBC, Wood called the ongoing back-and-forth with the Securities and Exchange Commission (SEC) over the past year “very encouraging.” With the SEC setting a January 10th decision deadline after final input submissions this Friday, Wood believes every detail is satisfactorily addressed to merit approval.
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Cathie Wood Says Bitcoin ETF Approval Could Unlock Billions
Wood mentioned that a spot Bitcoin ETF would enable direct investment exposure without needing to handle cumbersome custody, security, and tax complexities related to holding the asset directly. This convenience could rapidly unlock institutional demand.
Ark Invest CEO mentioned that even if initial institutional moves into Bitcoin prove modest at 0.1-0.2% portfolio allocations, the famously capped supply of only 21 million BTC means prices are likely to react dramatically. Wood also envisions BTC taking the place of physical gold for some people over the next five years.
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With increasing adoption as an inflation hedge making Bitcoin a versatile portfolio addition, Wood sees a forecasted five-year path to potentially dethroning gold among investors. Speaking about her outlook on Ethereum and Solana, Wood stated that the duo are smart contracts with the benefits of each and some tradeoffs.
“We think those are two powerful networks in the decentralized finance space. This notion of DeFi, or decentralized finance, is simply the internet financial system,” said Cathie Wood.
In a separate interview with Yahoo, Wood mentioned that the approval of a spot Bitcoin ETF could be “sell on the news” for those who have been enjoying nice profits.
