HomeNewsCrypto Takes Center Stage in U.S. Elections, Says ARK's Cathie Wood

Crypto Takes Center Stage in U.S. Elections, Says ARK’s Cathie Wood

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  • Cathie Wood believes crypto is now a U.S. election issue.
  • Wood predicts bitcoin could reach $1.5 million by 2030.

Recently, CEO of ARK Invest Cathie Wood underlined how important cryptocurrency is becoming to American politics.

Speaking at Consensus 2024, Wood pointed out that the quick and unexpected acceptance of important documents for proposed ether exchange-traded funds (ETFs) probably had an impact on the fact that cryptocurrency is now a big election issue.

The SEC’s customary questions were not asked for this approval, indicating an unusual approach.

Speaking on stage with Peter McCormack of the What Bitcoin Did podcast, Wood highlighted the changing public opinion on the Financial Innovation and Technology for the 21st Century Act (FIT21).

Bipartisan backing for the bill in the House last week suggests that cryptocurrencies may be important in the next election cycle.

Trump’s Embrace of Crypto 

Wood also noted that the growing acceptance of bitcoin and other cryptocurrencies by former President Trump. The present government paid close notice when Trump declared his readiness to take bitcoin money for his campaign.

Wood remained dubious of meme coin-focused ETFs but speculated on the possible approval of a solana ETF. It seems doubtful that big wirehouses, or brokerage and investment advisory services, will accept anything less than large cryptocurrency.

Emphasizing its accessibility, ARK Invest views bitcoin as a public good. Approved in January at a 0.21% cost, the Ark 21Shares Bitcoin ETF is meant to be widely available. ARK also intends to give Bitcoin developers a portion of its private fund earnings, guaranteeing steady support independent of the ETF’s success.

Cathie Wood’s Bitcoin Price Prediction

Strongly positive on bitcoin is still Cathie Wood’s opinion. Considering BTC to be a “financial super highway,” she projects it to reach $1.5 million by 2030.

Though ether is making headway in getting approved for ETFs, Wood is adamantly in favor of bitcoin, pointing out that it is a new asset class, a technology, and a worldwide monetary system.

CoinMarketCap data show that as of right now, Bitcoin (BTC) is valued at about $68,016.22, having dropped by 0.89% in the previous day and exhibiting a bearish trend of 1.93% over the previous week.

Meanwhile, according to prior ETHNews reporting, Wood predicted that Bitcoin would eventually outperform gold as a haven during a downturn in the economy.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628