Ark Invest CEO Cathie Wood speculates that the delay of a spot Bitcoin ETF by SEC Chair Gary Gensler may be linked to his political aspirations.
The delay by the United States Securities and Exchange Commission (SEC) to approve a spot Bitcoin ETF may be linked to the political aspirations of the agency’s Chairman Gary Gensler, hinted Ark Invest CEO Cathie Wood in a recent CNBC interview.
Cathie Wood, a known Bitcoin bull, made the remarks while sharing her thoughts on the reasons why the SEC has delayed giving a green light to fund managers seeking to launch such a product. The Ark Invest CEO cited concerns by SEC Chairman Gary Gensler that Bitcoin can be manipulated.
However, she argued against such a view, sharing a widely known fact that Bitcoin is a “decentralized, transparent network” where anyone can follow all the activities online. Bitcoin’s decentralized and transparent nature means there might be another reason why the SEC has been reluctant to approve a spot ETF, according to Cathie Wood.
Speaking on the show, she alluded to speculations that [Gary Gensler] is interested in the Treasury Secretary position at some point.” Given that the position requires a devotion to the dollar, Cathie Wood argues that may be why Gary Gensler has tried to impede Bitcoin’s growth despite having sufficient knowledge of the technology.
Crypto to Hit $25T Market Cap By 2030
In the latter part of the interview, Cathie Wood expressed optimism that the conditions are becoming right for cryptocurrencies to reach their full potential as a widely adopted asset class. She noted that the industry’s recent “regulatory breakthrough is very important to bring institutions online effectively.”
Commenting on where she sees the crypto market within the next five to six years, Wood added, “Our expectation is that the crypto ecosystem will be dominated [by Ether and Bitcoin], and it will scale from more than $1 trillion today to $25 trillion in 2030.”
“This regulatory breakthrough is very important,” says @ARKinvest Founder, CEO and CIO @CathieDWood. “Our expectation is that the crypto ecosystem will be dominated [by Ether and Bitcoin] and it will scale from more than $1 trillion today to $25 trillion in 2030.” pic.twitter.com/yWqwiMA5hV
— Squawk Box (@SquawkCNBC) November 14, 2023
Such a prediction would mean that the cryptocurrency market would be more than 20x its current value of around $1.4 trillion. The Ark Invest CEO believes institutional adoption can make such an outcome possible and remains bullish on the future of the digital assets industry.