ARK Invest partners with 21shares to launch new crypto-focused ETFs. Cathie Wood, founder and CEO of ARK Invest, says the partnership makes sense given the complementarity of the companies’ areas of expertise. Wood says Bitcoin (BTC-USD) is “the first global, digital, private rules-based monetary system in history,” adding that global monetary policy is “unhinged, it’s nothing but human.” decision making” and that “the currency system is Bitcoin.”
Ark is one of several companies attempting to launch a spot Bitcoin ETF. Wood says “something has changed” and points out that the Securities and Exchange Commission responded to her application with questions rather than simply rejecting it. Wood believes this means the chances of approval have increased. Overall, Wood is still bullish on Bitcoin, saying her base case for the cryptocurrency is $600,000 to $650,000. However, she believes it could rise if a spot Bitcoin ETF is approved given the currency’s scarcity and the potential for more institutional investment.
Watch the full interview with ARK Invest’s Cathie Wood on Yahoo Finance on Wednesday, November 15 at 9 a.m. ET.
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