Cathie Wood observed that even though Gary Gensler teaches about Bitcoin at the university, it’s surprising that he is unfriendly towards a Bitcoin ETF.
Cathie Wood from Ark Invest has shared insights into how the U.S. SEC might decide on the approval of 12 spot Bitcoin ETF applications. She provides interesting details on how the securities regulator might approach this decision in the future.
SEC Chair Aims for Position as Treasury Secretary
In an interview on CNBC’s Squawk Box, Cathie Wood mentioned that Gary Gensler, the SEC Chair, might be eyeing the position of Treasury Secretary, which could be the reason behind delaying the spot Bitcoin ETF.
Wood added that Gensler’s concern about potential manipulation is the main reason for hesitating on the ETF approval. Despite Gensler’s deep understanding of Bitcoin, Wood finds it hard to understand his opposition to a spot ETF, given the cryptocurrency’s decentralized and transparent nature, making manipulation unlikely.
Wood remains optimistic about crypto, expecting the eventual approval of a spot ETF. She believes this approval could be a catalyst for the cryptocurrency market to grow from $1 trillion to a substantial $25 trillion by 2030.
Bitcoin ETF Approval Expected Soon
Last week, the price of Bitcoin surged to $37,000 as the possibility of approving a Bitcoin ETF opened up. The US SEC is set to make a decision by November 17th, but there’s a chance they might delay it.
Bloomberg’s ETF strategist, James Seyffart, thinks the SEC might issue delay orders as the deadline nears for three spot Bitcoin ETF applications. Despite potential delays, our outlook and the 90% chance for approval by January 10, 2024, remain the same.
Interestingly, BlackRock has raised concerns about stablecoins affecting the approval of a spot Bitcoin ETF. They point out the volatility of stablecoins and how they could impact Bitcoin’s price. Even though stablecoins are supposed to have a fixed value tied to fiat currency, events like the banking crisis following SVB’s collapse this year can cause them to lose their peg.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
