Solana
ARK Invest CEO predicts imminent approval for Solana ETF
- Cathie Wood highlights the central role of crypto in US politics for the 2024 presidential elections, crediting this trend with the SEC’s rapid approval of the Ethereum spot ETF.
- Wood reaffirms ARK Invest’s commitment to making Bitcoin accessible to a wider audience through the ARK 21Shares Bitcoin ETF.
Crypto market supporter and CEO of ARK Invest Cathie Wood said crypto is now at the center of US politics for the 2024 presidential elections. This is generally the reason that led to the rapid approval of the Ethereum spot ETF by the SEC last week.
In an interview with Peter McCormack at the Consensus 2024 event, Wood said:
“The reading was that this was not going to be approved. This was absolutely not going to be approved. If this had been approved in the usual manner, we would have received questions from the SEC. No one received any questions from the SEC beforehand.
Wood, who serves as the firm’s chief investment officer, noted that sentiment has changed toward the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House. The law, passed last week with bipartisan support, indicates it could become an important election-year issue.
“The other thing that happened is that former President Trump had become much more comfortable with bitcoin and crypto in general. That week, he said he would accept campaign donations in crypto,” also attracted growing attention from the administration, Wood said. As reported by Crypto News FlashPresident Donald Trump holds $2 million worth of Ethereum and $7 million worth of TRUMP coins in his wallet.
Wood also mentioned that while a Solana ETF could receive approval, funds focused on meme coins are unlikely to be adopted. This is because large brokerage firms and investment advisory firms, known as wirehouses, would only consider endorsing the most established cryptocurrencies.
Cathie Wood explains how to make Bitcoin ETFs accessible
Cathie Wood, chief investment officer at ARK Invest, reaffirmed the company’s position that Bitcoin (BTC) is a public good. Wood emphasized that the ARK 21Shares Bitcoin ETF, approved in January with a minimum fee of 0.21%, is not designed for profit. she said:
“We should do [the ETF]as accessible as possible to as many people as possible, so keep the fees very low,”
Additionally, Wood announced that ARK would allocate a portion of revenue from its private funds to support Bitcoin developers. This initiative aims to ensure consistent support for developers, regardless of the profitability of the ETF.
Known for her optimistic outlook on Bitcoin, Cathie Wood predicts that the price of BTC could reach $1.5 million by 2030, calling it a “financial highway.” Despite the recent momentum around Ether (ETH) due to progress in approving Ether ETFs, Wood remains firm in his preference for Bitcoin when asked to choose between Bitcoin and Ether.
“Bitcoin, hands down. there is no doubt. It is a global monetary system. It’s a technology and it’s a new asset class. These are three great ideas in one, and nothing else in the crypto world can compete with them,” she said.