The cryptocurrency market is abuzz with the potential approval of the first Bitcoin Exchange Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
In a recent episode of ETF Edge with Bob Pisani, Ark Invest CEO Cathie Wood shared her views on the upcoming decision and its potential impacts.
Among the 13 applicants vying for approval, Cathie Wood's Ark Invest is at the forefront and eagerly awaits the decision.
Evaluating the historical course of Bitcoin ETF applications, Wood noted the comprehensive and probing nature of the SEC's investigations into this emerging asset class. Emphasizing that he has a positive outlook, Wood suggested that approval is likely based on the rigor of the SEC's questions and discussions.
Wood remains bullish on the potential impact of a Bitcoin ETF and predicts a significant inflow into this new asset class, particularly from institutional investors. While acknowledging concerns about a “sell the news” scenario, he suggested that market positioning may already account for this possibility.
Expressing Ark Invest's long-term investment approach, Wood said that institutional and individual capital is expected to flow into Bitcoin. Saying that BTC is a potential gold substitute, Wood touched upon the rarity of Bitcoin, which is increasingly accepted as a limited asset with its limited supply of 21 million units.
*This is not investment advice.
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Cathie Wood is a SHE
Tell that to the AI they obviously used... either that or a writer as dumb as a robot. Amazing what counts for journalism now.