Ark Investment Management Chief Executive Officer Cathie Wood stated she questions UNITED STATE regulatory authorities will certainly green-light a bitcoin exchange-traded fund prior to the initial cryptocurrency’s market cap strikes $2 trillion.
“The flood of demand has to be satisfied so it’s going to have to get well over a trillion dollars – $2 trillion, I think, before the [U.S Securities and Exchange Commission] will feel comfortable about” a bitcoin ETF, Wood stated at Tuesday’s ETF Trends Big Ideas occasion.
Bitcoin’s market capitalization floated a tick under $600 billion at press time Tuesday.
Wood was favorable on bitcoin’s leads under Gary Gensler, the previous CFTC commissioner and also MIT electronic money teacher that has actually been chosen to lead the SEC byPresident Joe Biden Wood called Gensler “very pro bitcoin” and also commended the SEC’s crypto wise management.
Gensler, that would definitely come to be one of the most crypto well-informed SEC chair if validated, has actually nevertheless defined himself as “a little bit center minimalist on Bitcoin.” He is even more of a “center maximalist” about blockchain modern technologies and also wise agreements, nevertheless.
Wood’s Tuesday discussion additionally included some strong forecasts about bitcoin’s rate possibility need to institutional and also business fostering fads proceed. Citing MicroStrategy’s bitcoin-first treasury plan, Wood stated that if every S&P 500 business spent 1% of their possessions in bitcoin the rate would certainly enhance by $40,000.
“Institutional allocations between 2.5% and 6.5% could impact bitcoin’s price by $200,000 to $500,000,” reviewed one slide deck.