Crypto’s Election Impact: Cathie Wood on ETF Approvals

Cathie Wood, CEO of ARK Invest, stated that cryptocurrency has become a significant issue in U.S. elections, influencing the sudden approval of key documents for proposed ether exchange-traded funds (ETF). Speaking at Consensus 2024 with Peter McCormack, host of the “What Bitcoin Did” podcast, Wood revealed that the approval process for these ETFs was initially expected to be stalled. Typically, such approvals would involve numerous inquiries from the Securities and Exchange Commission (SEC), but no such questions were posed this time, indicating an unexpected shift.

Wood, who also serves as ARK Invest’s Chief Investment Officer, attributed this change in sentiment to the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House of Representatives. The act, which received bipartisan support, signaled that cryptocurrency could become an election-year issue. She noted that former President Donald Trump’s increased alignment with bitcoin and his announcement to accept campaign donations in cryptocurrency garnered significant attention from the current administration.

Discussing potential future ETFs, Wood mentioned that while a solana ETF might be approved, meme coin-focused funds are unlikely to be accepted by major brokerage firms and investment advisory companies. She emphasized ARK’s commitment to making Bitcoin (BTC) accessible as a public good, highlighting that the ARK 21Shares Bitcoin ETF, approved in January with a low fee of 0.21%, aims to be affordable to a broad audience.

Moreover, ARK plans to allocate a portion of its private fund revenues to support Bitcoin developers, ensuring continuous funding regardless of the ETF’s profitability. Wood, known for her optimistic outlook on Bitcoin, has predicted that BTC could reach $1.5 million by 2030, describing it as a “financial super highway.”

Despite the recent advancements in Ether (ETH) ETFs, Wood expressed a clear preference for Bitcoin over ether. She characterized Bitcoin as a comprehensive global monetary system, a technological innovation, and a new asset class, asserting that no other cryptocurrency matches its significance.

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