$ETH $ETH ### Ether ETF Approval Shocks Market, Becomes Election Year Focus
According to CoinDesk, ARK Invest CEO Cathie Wood has remarked that cryptocurrency has emerged as a key topic in the U.S. elections. This follows the unexpected approval of crucial documents for proposed ether exchange-traded funds (ETFs). Wood expressed surprise at the approval, noting that it diverged from the usual process, which typically involves inquiries from the SEC.
### The Role of FIT21 in Crypto's Political Ascent
The Financial Innovation and Technology for the 21st Century Act (FIT21), recently passed with bipartisan support, underscores cryptocurrency's growing political significance. Wood highlighted former President Trump's increasing comfort with cryptocurrencies, including his openness to accepting campaign donations in crypto, which has caught the administration's attention.
### Future ETF Approvals: Solana and Beyond
While Wood believes a solana ETF could receive approval, she remains doubtful about the chances for meme coin-focused funds. She attributes this skepticism to large brokerage firms and investment advisory companies' reluctance to accept funds beyond the major cryptocurrencies.
### ARK Investâs Commitment to Bitcoin
ARK Invest considers bitcoin a public good. The Ark 21Shares Bitcoin ETF, approved in January with a 0.21% fee, is designed to be widely accessible rather than profitable. Wood announced that ARK would dedicate a portion of its private fund revenues to support Bitcoin developers, ensuring consistent backing regardless of the ETF's financial performance.
### Woodâs Bullish Outlook on Bitcoin
Despite the ether ETFs' approval, Wood remains highly optimistic about bitcoin. She predicts BTC could hit $1.5 million by 2030, calling it a 'financial super highway.' When asked to choose between bitcoin and ether, Wood chose bitcoin, describing it as a global monetary system, technology, and new asset class.
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