ARK Invest CEO Cathie Wood expressed concerns about U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's stance on Bitcoin (BTC) spot ETFs in a recent interview with CNBC.
Despite Gensler's extensive knowledge of Bitcoin, having taught a course on crypto and blockchain at the Massachusetts Institute of Technology (MIT), Wood struggles to understand Gensler's resistance to spot ETFs.
Emphasizing Bitcoin's transparency and decentralization, Wood said:
“It's a decentralized, transparent network. You can track all activity, the chances of it being manipulated are extremely low.”
Wood also noted that Gensler's goal of becoming Treasury Secretary may be influencing his decisions, as that role is largely focused on the dollar.
Despite ongoing uncertainty regarding the approval of the Spot ETF, Wood remains optimistic about the future of cryptocurrencies. Wood predicts that cryptocurrency market cap could grow from the current $1 trillion to a staggering $25 trillion by 2030, and the approval of the spot ETF will be a major catalyst for that growth.
Wood's bullish outlook on crypto remains strong regardless of the SEC's current stance on spot ETF filings.
*This is not investment advice.