2024-01-09 10:57:21
Cathie Wood, the founder of Ark Investments, known as the “Female Stock God”, said on Monday that she is optimistic that her Bitcoin spot ETF application will be approved this week. Once her own and other institutions’ applications are approved, a large amount of institutional funds will pour in. Pushing Bitcoin prices skyrocketing.
(Previous summary: SEC executive with 20 years of experience: The Commission has surrendered! The Bitcoin spot ETF will be passed)
(Background supplement: Standard Chartered Bank estimates that the Bitcoin spot ETF will “attract 100 billion magnesium investment”! BTC will rise to 200,000 magnesium in 2 years)
The U.S. Securities and Exchange Commission (SEC) will decide before January 10 whether to reject or approve Ark Investment/21Shares’ Bitcoin spot ETF application. Currently, a total of 14 asset management institutions are seeking to issue Bitcoin spot ETFs. At this critical moment, Ark Investment founder Cathie Wood told CNBC on Monday Exclusive interviewWhen it means:
If we and other institutions get approval from the SEC, that will give the green light for institutional investment, and we’ve talked to some institutions and they’re more interested now because the SEC is effectively paving the way.
Cathie Wood said that Ark Investment does believe that the possibility of its own Bitcoin spot ETF being approved this week is very high because the SEC has begun to ask questions after multiple rejections, and they are very good, very detailed, and very technical. questions, so she believes the SEC has asked all the questions it needs to answer and most agencies are probably involved in the process.
In Cathie Wood’s view, the approval of the Bitcoin spot ETF may not become a Sell the news event as some people predict:
Looking at our 5-year investment horizon, we believe that the inflows into this new asset class, especially institutional money… will be considerable, and institutions will not need to make large allocations to Bitcoin to make this asset that is becoming a scarce asset Prices have risen a lot.
Bullish on Bitcoin continuing to rise
In February last year, Ark Investment releasedResearch report “BIG IDEAS 2023”, optimistic that Bitcoin can rise to US$1 million within 10 years. Cathie Wood now says that she is optimistic that Bitcoin will continue to rise because Bitcoin is digital gold. The current market value of gold is US$12 trillion, while Bitcoin is as high as US$800 billion. The substitution effect is taking place:
If the institutional allocation reaches 2.5% to 5%, which is what we think will eventually happen, you will see 0.5% first and then 1%, and you will find that this is probably the biggest reason for Bitcoin’s rise.
We have 19.5 million Bitcoins mined, and about 15 million are in the hands of long-term holders who have not moved Bitcoin for over 155 days. We know that the Bitcoin supply will only reach 21 million, so It’s true… Bitcoin is becoming a scarce asset.
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