Cathie Wood Of Ark Invest Believes Ethereum ETF Approval Linked To US Politics, Sees Likelihood Of A Solana ETF As Well

ARK Invest CEO Cathie Wood has stated that cryptocurrency has become a significant political issue in U.S. elections, leading to the unexpected approval of key Ethereum ETH/USD ETF filings.

What Happened: Wood made this remark at Consensus 2024, as reported by CoinDesk, attributing the sudden approval of Ether ETF filings to the growing importance of cryptocurrency in U.S. election debates.

Wood expressed surprise at the approval, stating, “The read was it was not going to be approved. It was absolutely not going to be approved.” She further explained that the sentiment around the Financial Innovation and Technology for the 21st Century Act (FIT21) evolved in the House, leading to its recent bipartisan approval.

Wood also pointed out former President Donald Trump’s increasing comfort with Bitcoin and other cryptocurrencies, including his recent decision to accept campaign donations in crypto, as a factor that has drawn attention to the sector.

See Also: Shiba Inu, Dogwifhat Post Double-Digit Gains As Memecoins Shrug Off Dips In Bitcoin, Ethereum: What’s Goi

While Wood suggested that a Solana SOL/USD ETF could be approved, she deemed meme coin-focused funds unlikely, stating that large brokerage firms and investment advisory companies would not accept more than “the majors.”

Why It Matters: Wood’s comments come in the wake of her earlier predictions about the potential of cryptocurrencies, especially Bitcoin ETF/USD. In April 2024, she raised her Bitcoin prediction by $2.3 million, suggesting that a $1,000 investment could be worth a significant amount by 2030.

Despite Ether’s recent spotlight due to the ETF approvals, Wood maintained her bullish sentiment on Bitcoin, stating, “Bitcoin, hands down. No question about it. It is a global monetary system. It is a technology, and it is a new asset class.”

Earlier this week, she also highlighted how El Salvador’s push for Bitcoin and AI could potentially increase its GDP 10X in five years.

ARK 21Shares Bitcoin ETF ARKB attracted inflows of $4 million on May 29, and around $ 3 billion since the ETFs started trading in January, according to SoSo Value.

Read Next: Bitcoin, Ethereum, Dogecoin Edge Lower As Inflation Fears Grip Investors: Less And Less Of King Crypto Available For Masses, An ‘Enormous’ Bull Market Inevitable, Says Analyst

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsPoliticsMarketsbitcoin ETFCathie WoodEthereum ETF
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!