Cathie Wood: U.S. Approval of Bitcoin ETF Expected in January 2024

Cathie Wood, CEO of ARK Invest, is bullish on the prospect of a spot Bitcoin ETF being approved in the United States.

Recent interactions with the U.S. Securities and Exchange Commission (SEC), according to Wood, have been encouraging, indicating a potential breakthrough for the institutional adoption of crypto.

Wood emphasized a positive shift in the SEC’s approach during recent meetings with companies that have filed for Bitcoin ETF approval, including industry titans like BlackRock and Grayscale.

She stated that the SEC’s detailed questioning suggests a more thorough evaluation process than in previous denials.

Wood stressed the importance of clear communication with the SEC during these discussions in an interview with Yahoo Finance. She went on to say, “We don’t want approval if there’s any uncertainty.”

The ongoing discussions between regulatory authorities and industry participants are viewed as a positive development and a step forward.

Wood’s optimism extends to her belief that a spot Bitcoin ETF will be approved in January 2024. If granted, this approval is expected to be a significant milestone, allowing institutional investors to enter the crypto market on a larger scale.

Bitcoin’s price is currently hovering around the $42,000 mark. Traders and investors are looking forward to potential market gains in 2024, with a particular focus on the Bitcoin Halving event, which is scheduled for the second quarter of the year.

The prospect of a Bitcoin ETF approved in the United States adds to the optimism, raising expectations for increased institutional participation in the crypto space.