Cathie Wood, the founder of Ark Investment and known as the “Queen of Stocks,” stated on Monday that she is optimistic about the approval of her own Bitcoin spot ETF application this week. Once approved, a large influx of institutional funds from her firm and others will drive up the price of Bitcoin. The Securities and Exchange Commission (SEC) will decide before January 10th whether to reject or approve the Bitcoin spot ETF application from Ark Investment/21Shares. Currently, there are a total of 14 asset management firms seeking to issue Bitcoin spot ETFs. At this crucial moment, Cathie Wood, in an interview with CNBC, stated that Ark Investment believes that there is a very high possibility of their Bitcoin spot ETF being approved this week. The reason is that after multiple rejections, the SEC has started asking very good, detailed, and technical questions. Therefore, she believes that the SEC has asked all the necessary questions that need to be answered, and most institutions may have participated in this process. Cathie Wood believes that if the Bitcoin spot ETF is approved, it may not be a “sell the news” event as some people predict. She remains bullish on Bitcoin and stated in a research report titled “BIG IDEAS 2023” released by Ark Investment in February last year that she believes Bitcoin could rise to $1 million within 10 years. She now expresses confidence that Bitcoin will continue to rise, citing its status as digital gold. While the current market value of gold is $12 trillion, Bitcoin’s market value is as high as $800 billion, and the substitution effect is taking place.
Female Stock Goddess Calls for Trading: Ark Bitcoin Spot ETF Approved This Week, Don't Underestimate Institutional Buying Power
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