Ark Invest’s Cathie Wood on bitcoin ETF prospects and Tesla’s billion-dollar investment

Bitcoin's long-term outlook is brightening, according to Ark Invest's Cathie Wood.The CEO and chief investment officer of the explosively popular active management firm told CNBC this week that the cryptocurrency's catalysts are adding up as it soars to unprecedented new highs."I think the probability of an ETF has gone up," Wood told CNBC's "ETF Edge" in a sweeping interview on Wednesday.With Gary Gensler — a longtime financier who taught a digital currency class at the Massachusetts Institute of Technology — being nominated to lead the Securities and Exchange Commission, the watchdog could warm to crypto during the Biden administration, Wood said."I think we have individuals now involved who really understand the space and I think the likelihood has gone up" for a U.S.-based bitcoin ETF.Purpose Investments gained approval for the first-ever physically backed bitcoin ETF in Canada this week. The fund began trading on Thursday.Now that U.S. corporations including Ark…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE