The CEO of Ark Investment Management, Cathie Wood, revealed that she doubts United States regulators will presently allow a bitcoin ETF [Exchange-Traded Fund] prior the primary cryptocurrency’s market capitalisation hits to $2 trillion.
“The flood of demand has got to be satisfied so it’s getting to need to recover over a trillion dollars – $2 trillion, I think, before the U.S SEC will feel comfortable about” a bitcoin ETF, Wood revealed at Tuesday’s ETF Trends Big Ideas event.
Bitcoin’s market capitalisation hovered a tick under $600 Bln at the reporting time. Wood was bullish on bitcoin’s prospects beneath Gary Gensler, the earlier CFTC commissioner and MIT virtual currency professor who has been nominated to steer the SEC by President Joe Biden. Wood referred Gensler “very pro bitcoin” & praised the SEC’s cryptocurrency savvy leadership.
Gensler, who would undoubtedly become the foremost cryptocurrency knowledgeable SEC chair if confirmed, has nonetheless described himself as “a bit center minimalist on Bitcoin.” He’s more of a “center maximalist” regarding blockchain technologies as well as smart contracts, however.
Wood’s recent presentation also featured some bold projections related to as bitcoin’s price potential should institutional and company adoption trends continue. Citing MicroStrategy’s bitcoin-first treasury policy, Wood added that if every S&P 500 firm invested 1% of their assets in bitcoin the worth would reach by $40k.
“Institutional allocations between 2.5% as well as 6.5% could impact bitcoin’s price by $200k to $500k,” read one slide deck.
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