Cathie Wood: Spot Bitcoin ETF will attract a large influx of institutional funds, driving Bitcoin to rise significantly

Cathie Wood, CEO of Ark Invest, shared her views on the approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) during an interview with CNBC. Cathie Wood stated that we believe if we and others receive approval from the SEC, it will be a green light for institutions. We have had conversations with many of them, and now the SEC is effectively paving the way as they are more interested in this.

When asked about the likelihood of their Bitcoin ETF proposal being approved by the SEC, Cathie Wood replied that we do think there's a very high probability of approval for a Bitcoin ETF this week because as we've said all along, they started asking questions - very good questions, very detailed questions, very technical questions - so I think they've gone through all their answers to those questions that they needed to get answered. I think most of us probably participated in that process. Wood also believes that the approval of a Bitcoin ETF may not become sell-off news as predicted by some people. From our five-year investment horizon perspective, we believe significant funds will flow into this new asset class category, especially institutional funds... which can significantly drive up this asset becoming scarce without requiring too much allocation from institutions towards Bitcoin.