Cathie Wood: There are signs indicating that the Bitcoin spot ETF will be approved in January 2024

In a recent interview with CNBC, Ark Invest CEO Cathie Wood stated that there are signs indicating that the Bitcoin spot ETF will be approved in January 2024, which is "very encouraging". The understanding and depth of knowledge on related issues by the U.S. Securities and Exchange Commission (SEC) has improved.

 

Wood is working with 21Shares to develop Ethereum and Bitcoin futures ETF products. She emphasized the importance of BTC spot ETFs in stimulating institutional interest in the cryptocurrency field. Once institutions and investors gain a foothold, they will seek ways to diversify their portfolios.

 

Wood also asserted that Bitcoin can hedge against inflation and deflation, foreseeing that Bitcoin will be considered an investment equivalent to physical gold in the future. In addition, she mentioned El Salvador's and Argentina's support for Bitcoin and crypto assets, suggesting more emerging economies could adopt Bitcoin as legal tender.