Cathie Wood, the founder of Ark Investment and known as the “Queen of Stocks,” stated on Monday that she is optimistic about the approval of her own Bitcoin spot ETF application this week. Once her application, as well as those of other institutions, is approved, a large influx of institutional funds will pour in, driving up the price of Bitcoin.
The US Securities and Exchange Commission (SEC) will decide whether to reject or approve the Bitcoin spot ETF application from Ark Investment/21Shares by January 10. Currently, there are a total of 14 asset management institutions seeking to issue Bitcoin spot ETFs. At this crucial moment, Cathie Wood stated in an interview with CNBC that Ark Investment believes there is a high probability of their Bitcoin spot ETF being approved this week. The reason is that after multiple rejections, the SEC has started asking questions, which are very good, detailed, and technical. Therefore, she believes that the SEC has asked all the necessary questions to be answered, and most institutions may have participated in this process.
In Cathie Wood’s view, the approval of the Bitcoin spot ETF may not become a “Sell the News” event, as some people predict. She remains optimistic about Bitcoin continuing to rise. In February of last year, Ark Investment released a research report titled “BIG IDEAS 2023,” which predicted that Bitcoin could rise to $1 million within 10 years. Cathie Wood now states that she is bullish on Bitcoin’s continued upward trend, citing its status as digital gold. The current market value of gold is $12 trillion, while Bitcoin’s market value is as high as $800 billion. The substitution effect is taking place.
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