The depth of the SEC‘s knowledge and the understanding of the crypto industry’s issues have improved, increasing the chances of a swift approval for the spot Bitcoin-ETF. This view was voiced by ARK Invest CEO Cathie Wood.
In her view, the regulator is most likely to issue a positive decision on the products by January 10, 2024. The head of the investment company reminded that the Commission designated December 29 as the deadline for applicants to file amended applications.
ARK Invest, along with 21Shares, is listed among those awaiting approval to launch an exchange-traded fund based on the first cryptocurrency.
Wood believes that spot Bitcoin ETFs will become a catalyst for the growth of the cryptocurrency once institutional investors embrace the space.
She expressed confidence that digital gold would continue its bull run in 2024.
According to Wood, Bitcoin is a hedge against inflation and deflation, and in five years the asset will be treated as an investment in physical gold.
She noted that, over time, Bitcoin could be used as legal tender in developing countries, following the example of El Salvador, she said.
Wood has described Bitcoin as a ‘clear-cut’ choice as a defensive asset.