Kathy Wood, chief executive of Orc Investment Management, said he doubted U.S. regulators would give the green light to the Bitcoin exchange-trade fund before the market cap of the original cryptocurrency reached tr 2 trillion.
“The flood of demand has to be satisfied so it’s going to be better than a trillion dollars – tr 2 trillion, I think, before [U.S Securities and Exchange Commission] A bitcoin will feel comfortable about ETFs, Wood said at the ETF Trends Big Ideas event on Tuesday.
Bitcoin’s market capitalization ticked below 600 600 billion at press time on Tuesday.
A former CIFTC commissioner and MIT digital currency professor who has been nominated by President Joe Biden to lead the SEC was bullish on the possibility of camel bitcoin under Gary Gensell. Wood called Genseller “very pro bitcoin” and praised the SEC’s crypto-intelligent leadership.
Gensler, who will undoubtedly become the most crypto-savvy SEC chair once confirmed, describes himself as a “bitcoin bit bit center minimalist”. But he’s more “center-centric” about blockchain technology and smart contracts.
Wood’s Tuesday presentation also features some bold assumptions about Bitcoin’s price potential so that the trend of institutional and corporate adoption continues. Citing MicroStrategy’s Bitcoin-First Treasury policy, Wood said that if each S&P 500 company invests 1% of their assets in Bitcoin, the price would rise by 40 40,000.
“Read the slide,” Institutional allocations between 2.5% and 6.5% could affect the price of Bitcoin from 200 200,000 to 500 500,000. “