Cathie Wood believes that the choice of Joe Biden has increased the chances of getting a Bitcoin ETF in the US.
Cathie Wood, the founder of the asset management company Ark Investment Management, is convinced that the approval of the first American Bitcoin index fund (ETF) has become much more likely as a result of the change in government from Trump to Biden. Securities and Exchange Commission (SEC).
In an interview with CNBC the day before yesterday, Wood gave the assessment that the „Securities and Exchange Commission“ could now be more open to a Bitcoin ( BTC ) -based index fund.
Under the previous leadership, the agency had repeatedly rejected and delayed applications, so that no Bitcoin ETF has yet been approved in the USA
The head of Ark Invest is particularly confident about the appointment of Gary Gensler as the new chairman of the SEC. Gensler is known for having a good understanding of the technological conception of digital currencies and 1k Daily Profit.
She also welcomes the fact that Valeria Szczepanik, head of the SEC’s innovation and financial technology department, will report directly to the new chairman with immediate effect . In the crypto industry, the head of innovation is already being referred to as the “crypto tsarina”, as this post gives her great influence on the future regulation of crypto currencies, which is now likely to have an even more direct impact.
“I think the likelihood of getting a Bitcoin ETF has increased,” as Cathie Wood hopes. To this end, she explains: “Gensler understands the technology, he understands how the cryptocurrency works. […] We now have people behind the wheel who actually understand the crypto industry. „
But even without an American ETF, Bitcoin is currently steadily increasing
Wood attributes this primarily to the increased interest of institutional investors, although she herself did not expect that some companies „are replacing local currencies or cash in their books with Bitcoin on a large scale“ so quickly. The examples of Square and Tesla would be followed by more and more companies over time. The payment service provider bought 4,709 BTC in October 2020 , while the innovative carmaker invested a whopping $ 1.5 billion in Bitcoin earlier this month .
„If all companies in the USA convert 10% of their assets into Bitcoin, the price would rise to 200,000 US dollars,“ as the investment expert calculates.
Similar to Ark, other investment firms also seem to see an opportunity in the change of government, because after Biden’s inauguration, the SEC has already received several new applications for a Bitcoin ETF. For example, the New York Digital Investment Group submitted a corresponding application yesterday , while Valkyrie Digital Assets took this step on January 22nd.