Cathie Wood remains extremely bullish on Bitcoin despite surprising statements from Gary Gensler after approval of the first Bitcoin spot ETFs!
SEC boss Gensler has reiterated his dislike for cryptocurrencies and stated that the SEC does not support digital assets. Despite this, the SEC has approved trading of certain Bitcoin ETPs but warns about the risks involved. Cathie Wood, CEO of Ark Investment, criticizes Gensler’s stance and sees his aversion to cryptocurrencies as a typical reaction to disruptive innovations. Despite Gensler’s warnings, Wood is optimistic about Bitcoin’s future, predicting that its value will rise to $1.5 million by 2030. She believes the SEC approval has increased the likelihood of a bull market. Following SEC approval, BlackRock and Grayscale’s Bitcoin ETPs launched with strong pre-market interest. Both companies need to back their ETFs with real Bitcoins and are therefore in the process of acquiring a large amount of Bitcoins. This has resulted in the Bitcoin price exceeding the $49,000 mark for the first time since December 2021.