According to CoinDesk, ARK Invest CEO Cathie Wood has stated that cryptocurrency has become a significant issue in the U.S. elections. This statement comes in the wake of the unexpected and sudden approval of key documents for the proposed ether exchange-traded funds (ETF). Wood expressed her surprise at the approval, stating that the general expectation was that the proposal would not be approved. She further explained that if the approval had followed the regular process, they would have received queries from the SEC, which was not the case.
The Financial Innovation and Technology for the 21st Century Act (FIT21) also played a role in this development. The act, which received bipartisan support, was passed last week, indicating that cryptocurrency could become a significant issue in the election year. Wood also noted that former President Trump's increasing comfort with bitcoin and other cryptocurrencies, including his willingness to accept campaign donations in crypto, drew attention from the administration.
Wood also shared her views on the potential approval of a solana ETF, stating that it could be approved. However, she expressed skepticism about the approval of meme coin-focused funds, citing the reluctance of large brokerage firms and investment advisory companies to accept more than 'the majors.'
ARK Invest's stance is that bitcoin is a public good. The Ark 21Shares Bitcoin ETF, approved in January with a fee of 0.21%, is not expected to generate profits. Wood emphasized the importance of making the ETF accessible to as many people as possible, hence the low fee. She also announced that ARK would allocate a percentage of its private fund revenues to support Bitcoin developers, ensuring they receive consistent support regardless of the ETF's profitability.
Despite the progress in approving the ether ETFs, Wood remains bullish on bitcoin. She predicts that the BTC price could reach $1.5 million by 2030 and refers to it as a 'financial super highway.' When asked if she would rather hold bitcoin or ether, Wood unequivocally chose bitcoin, describing it as a global monetary system, a technology, and a new asset class.