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ARK’s Cathie Woods Expects a Sudden Wave of Bitcoin ETFs

Published August 8, 2023 11:10 AM
Omar Elorfaly
Published August 8, 2023 11:10 AM

Key Takeaways

  • Cathie Woods thinks the SEC may approve several spot ETF applications at once
  • Multiple ETF approval may lead to the $100,000 BTC price tag experts claim

On Monday, Cathie Wood, Ark Invest CEO, and CIO, speculated  that the US Securities and Exchange Commission might approve multiple spot ETF applications at once. The veteran investor had earlier claimed  that her company might be the first to receive ETF approval considering it was the first in line for the application.

This comes at a time when financial titans such as BlackRock, Fidelity, and Valkyrie are also waiting in anticipation for their spot ETFs to receive SEC approval.

If Wood’s prediction is true, BTC might rally to $100,00, as some experts are speculating.

ARK Will Not Be First

Just last month, Cathie Wood claimed  that her company ARK Invest would be the first to receive SEC approval on its spot ETF application. 

“21Shares, ARK and Cboe are first in line because their next SEC decision date is 8/13/23 and we don’t yet have a date for the other 19b-4 applications like the one from BlackRock,” claimed Bloomberg Intelligence ETF analyst James Seyffart.

“ARK and 21Shares filed an application with the SEC for a bitcoin ETF that now is the only one ahead of BlackRock’s,” reported ARK Investment Management analyst Yassine Elmandjra.

Now, Wood predicts  that the SEC will rather approve several ETF applications at once.

“I think the SEC, if it’s going to approve a Bitcoin ETF, will approve more than one at once.”

Many financial institutions had to refile for their spot ETFs, most of them naming Coinbase as a surveillance partner in hopes that it would finally help them overcome the SEC’s anti-money laundering barrier. 

CCN reached out to Cathie Wood for commentary but did not receive a reply at the time of publishing

But, if Cathie’s right about all of this, how would that affect the market?

BTC To The Moon?

Earlier this month, Blockstream’s CEO Adam Back, one of the early cryptocurrency pioneers, made a bold claim that Bitcoin’s price would reach $100,000 by April 2024 and that he’s certain of it.

Back’s prediction focused on a deadline for that $100,000 mark, which is by the next Bitcoin Halving, set to be in April 2024.

Who knows? Back might be right. If the aforementioned ETF applications go through smoothly, the market will likely respond correctly. Signs of such market optimism have already taken place such as when BlackRock announced its plans to file for a spot ETF and the price of Bitcoin shot up by $4,000.

But predictions such as Back’s are something everyone should be cautious of. The optimistic CEO is also betting on the future of Bitcoin, claiming  it will reach the $10 million mark by 2032.

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