Cathie Wood, the CEO of Ark Invest, has expressed her frustration with the U.S. Securities and Exchange Commission (SEC) for its slow progress in approving a spot Bitcoin Exchange-Traded Fund (ETF). Wood, a prominent Bitcoin supporter, believes that the SEC is holding back the innovation and adoption of cryptocurrencies in the financial sector.
In an interview with CNBC, Wood suggested that SEC Chairman Gary Gensler might have political ambitions that influence his cautious stance on Bitcoin. She speculated that Gensler, who is rumored to be a potential candidate for Treasury Secretary, might be reluctant to challenge the traditional financial system and the U.S. dollar.
Wood also addressed Gensler’s concerns about market manipulation and investor protection in the Bitcoin market. She argued that Bitcoin is a decentralized and transparent network, where all transactions are visible and verifiable. She also pointed out that Bitcoin has a limited supply of 21 million coins, which makes it immune to inflation and debasement.
Cathie Woods Shares Her Views on the Crypto Market
Wood also commented on the recent developments in the crypto industry, such as the launch of several Bitcoin futures ETFs and the plans of Grayscale, the largest crypto asset manager, to convert its Bitcoin trust into an ETF.
Wood said that these products are not ideal for investors, as they involve high fees and tracking errors. She said that a spot Bitcoin ETF, which would allow investors to directly own and trade Bitcoin, would be more efficient and beneficial.
Wood remains optimistic about the future of Bitcoin and other cryptocurrencies, despite the regulatory hurdles. She estimated that the crypto market, which is currently valued at over $1 trillion, could grow to $25 trillion by 2030, driven by institutional adoption and innovation.
She said that Bitcoin and Ether, the native token of Ethereum, are the leaders of the crypto ecosystem and that she expects more innovation and disruption from the Web3 space. Bitcoin is currently trading at around $36K as per data from CoinMarketCap.
