Cathie Wood Predicts Multiple Spot Bitcoin ETF Approvals [Video]

Cathie Wood Predicts Multiple Spot Bitcoin ETF Approvals [Video]

Ark Invest CEO Cathie Wood has expressed optimism about the potential approval of a Bitcoin Exchange-Traded Fund (ETF) by the U.S. Securities and Exchange Commission (SEC). During an interview with CNBC’s “Halftime Report” host today, Wood highlighted the growing optimism within the crypto community regarding Bitcoin ETFs.

Anticipating Multiple Bitcoin ETF Approvals

The businesswoman began by acknowledging that ARK Invest had responded to the SEC’s request for information about their Bitcoin filing. And although she did not disclose specific details, she hinted that the SEC’s inquiries signified a change in behavior, which had raised hopes for the approval of one or many Bitcoin ETFs.

Source: CNBC

“I think many people think the fact that the SEC chose to ask questions is a change in behavior and therefore I do think hopes are rising that one or a number of Bitcoin ETFs will be approved,” said Wood.

It is worth noting that there has been a growing consensus that the SEC would soon release a directive detailing its approach to enforcing decisions on Bitcoin ETFs which would serve as the catalyst for approving multiple Bitcoin ETFs by year-end. This follows a recent court ruling that deemed SEC’s rejection of Grayscale Investments’ application to establish a spot BTC ETF as incorrect. With the prospects of the SEC pursuing an appeal low, many feel that the agency left with little options but to approve the product.

Additionally, Wood underscored that ARK Invest had set a decision deadline for January 10th, noting that they anticipated being among the first in line for approval.

ETF FUD and Market Impact

Notably, Wood’s remarks came on the heels of a series of erroneous reports circulating earlier on Monday claiming that the SEC had approved BlackRock’s application for a spot Bitcoin ETF.

Bitcoin Price Oct. 17, 2023
                                                                          Bitcoin Price Oct. 17, 2023

These reports temporarily propelled the price of Bitcoin to the $30,000 mark. However, the euphoria was short-lived, as the price rapidly retreated to approximately $28,322, triggering a cascade of liquidations, after various experts raised doubts. Later, BlackRock swiftly refuted the claim, stating that their application was still under review, leading the publications to delete their reports and apologize.

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Newton Mbogo is a crypto and DeFi specialist. He has a B.A Hons in Law from Kabarak University, where he studied complex economic, legal, and ethical theory relevant to the FinTech landscape. Newton has a particular interest in decentralization and privacy blockchains, as they directly relate to our human rights and flourishing.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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