Cathie Wood: The biggest boost to Bitcoin’s appreciation in the next five to ten years will come from institutions

The Securities and Exchange Commission’s (SEC) approval of a Bitcoin spot ETF could be the “final seal of approval” for institutions considering participating in the crypto market, according to Ark Invest CEO Cathie Wood. Ark Invest has partnered with 21Shares and currently has an application for such a product submitted to the agency. The deadline for the SEC to rule on the proposed Ark 21Shares Bitcoin ETF (ARKB) is January 10. The SEC allowed Bitcoin futures ETFs to begin trading in October 2021. Wood said during Wednesday’s webinar that the approvals are “interesting” given the counterparty risks of these funds – compared to spot products held by Bitcoin in cold storage. Most issuers looking to launch Bitcoin ETFs have appointed Coinbase as the fund’s BTC custodian. “I think it’s all coming together, and if you look at our expectations for Bitcoin’s appreciation over the next five to 10 years, we think the largest portion of the appreciation will come from institutions,” Wood added. (Blockworks)