Ark Investment Management CEO Catherine Wood said that US regulators are unlikely to approve Bitcoin ETFs before the cryptocurrency’s market capitalization reaches $ 2 trillion.
According to the founder and CEO of Ark Investment Management Catherine Wood (Catherine Wood), before the ETF on Bitcoin, the market capitalization of the first cryptocurrency should grow significantly.
“The flow of demand must be satisfied. Therefore, the market capitalization of bitcoin must exceed $ 2 trillion before the US Securities and Exchange Commission (SEC) feels comfortable and approves a Bitcoin ETF, ”Wood said at ETF Trends Big Ideas.
Bitcoin’s market capitalization is now around $ 589 billion, according to CoinMarketCap. Wood has expressed optimism about Bitcoin’s prospects under new SEC chairman Gary Gensler. Wood called Gensler a “bitcoin supporter” and expressed hope for the SEC’s skillful leadership in the cryptocurrency space.
The presentation also featured some bold predictions about Bitcoin’s price potential if the institutional and corporate adoption trend continues. Referring to MicroStrategy’s BTC policy, Wood said that if each S&P 500 company invests 1% of its assets in bitcoin, then the price of the cryptocurrency will exceed $ 40,000 many times.
“Institutional allocation from 2.5% to 6.5% could affect the price of BTC and push it in the range of $ 200,000 to $ 500,000,” said Wood.
Recall that this week, Valkyrie Digital Assets filed an application with the US Securities and Exchange Commission to register Bitcoin ETFs.
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