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or how confident are you that you're going to get approval well something has changed um so we had put in a number of times of filing and we were just denied never got any questions really never got any response this time uh this summer we got questions back from the SEC now normally when you get questions from the SEC you're just saying oh my goodness we were thrilled to get questions back because it means they're engaged now that's January 10th is the final deadline they've been able to push it it's uh very orchestrated push it push it but the final they either approve or deny on uh January 10th kathywood operates an unconventional asset management firm serving as the founder and CEO of Ark invest a florida-based investment management company specializing in actively managed exchange traded funds centered around disruptive innovation Ark invest has identified and currently emphasizes five Innovations platforms deemed the most impactful these platforms include robotics energy storage artificial intelligence blockchain technology and multiomic sequencing in collaboration with the well-known Financial technology company 21 shares AR invest is set to launch several cryptocurrency based exchange traded fund products notably the most anticipated offerings are their spot Bitcoin and ethereum ETFs Penning approval from the US Securities and Exchange Commission after months of negotiations and periods of suspense cathywood is pleased to announce a notable shift in The sec's Stance toward crypto asset-based spot ETFs particularly for Bitcoin as the January 10th deadline approaches would a renowned hedge fund manager is confident that the cryptocurrency industry is on the verge of securing approval for a spot Bitcoin ETF would further asserts that it's not just one but multiple spot Bitcoin ETFs that are likely to receive approval simultaneously this approach aims to ensure fairness among all firms that have submitted applications to the SEC in a recent interview with Yahoo finance would discuss the sec's change in attitude and its implications for Penning applications she also shared insights on bitcoin referring to it as the global monetary system according to Wood the current monetary system is in disarray and only Bitcoin has the potential to restore discipline and rigor making the system better safer and more rewarding especially for the average person stay tuned for clips from Cathy Wood's interview ensuring you don't miss any details including updated and intriguing price predictions for Bitcoin well our Focus always from the beginning has been on disruptive innovation and uh we believe that blockchain technology is one of the most disruptive innovation platforms evolving today I think uh We've uh uh interviewed or I've interviewed with you a number of times so you know it's robotics energy storage artificial intelligence blockchain technology and multiomic sequencing so it's one of the five major platforms we've been focused on since the beginning of Arc we celebrate our 10th year anniversary in in January uh we took our first exposure in Bitcoin when it was $250 in 2015 and we wrote a paper back then uh and we knew we wanted to be involved back then and actually prior to that the director of research and I at another firm had been focused on it um this is the first Global uh digital private rules-based monetary system in history it's a very big idea when we wrote the paper in collaboration with art laugher you know art laugher supply side economics laugher curve uh he said I've been waiting for this since they closed the gold window in 1971 so he's been waiting 50 years for this right and he's so excited about everything crypto um but especially Bitcoin Because he believes uh and it is true monetary uh monetary policy around the world is unhinged it's not hinged to anything except human decisionmaking uh and this is going to put discipline rigor back into these particular products you're talking about well Bitcoin is uh the the monetary system is Bitcoin and so yes the why now for these we've been working with 21 shares since I met ofilia at an ETF com Fab in 20188 they had really just started their business and I said um you know we want to move towards crypto you are completely crypto they were focused on the infrastructure the regulations really blazing a trail they had to invent things in order to make this happen and uh we knew that was not our core competency um and so we but we did start talking our core competency is research on disruptive innovation uh and they do research they they do deep technical research on the market uh our research is on the disruptive innovation that it represents and we've just been coming together for five years it was a natural for us to come together they are or 21 shares is the largest uh crypto ETP provider in the world1 and a half billion dollars they have 35 different funds most of them in Europe in and around Europe they were looking for a US entree and uh we were looking for infrastructure and you know we we're just delighted to be uh partnering with them given how much groundwork they had to lay for this to happen now we have met uh a number of the research people at the SEC on the research side and they are extremely sophisticated they know what they're talking about and the level of sophistication of their questions suggested okay now they're moving deeply into this and we answered those questions we have not heard back that's a good sign too they never tell that tell you that you've satisfied them but if you don't hear from them uh they they uh that usually means means that you have satisfied the answers to the uh to the requests so that was new and uh the we also know that black rock got questions uh we we put our answers in first I think they have followed and I'm not sure uh about anyone else um that was different and it says okay there's movement and we are the first in line just because we kept filing others gave up and so but we just kept refiling we just kept and we became first in line so David against goliaths right um and that's January 10th is the final deadline the SEC initially postponed its decision on AR invest application for a spot Bitcoin exchange traded fund on August 11th approximately 8 weeks later on September 26th the regulatory body announced an extended timeline for evaluating whether to approve or disapprove a proposed rule change enabling the operation of Arc 21 shares spot Bitcoin ETF granting itself an additional 60 days the SEC set a final deadline for January 10th 2024 exactly 240 days after Ark and 21 shares filed their applications on this date the SEC must declare its decision on arc's spot Bitcoin ETF application with no further extensions despite this there have been multiple reports suggesting that in an effort to avoid favoritism the SEC May Greenlight 8 to 10 ETF filings currently under consideration anytime between now and January 10th aligning with these reports predictions indicate a very high likelihood that this scenario will materialize on or before January 10th now returning to the interview the AR invest executive expands on ETF applications Bitcoin and how the approval of ETFs will positively impact the broader cryptocurrency industry they've been able to push it it's uh very orchestrated push it push it but the final they either approve or deny on uh January 10th and what do you think well again I I mentioned something has changed that's good um the odds have gone up uh there is only one wrinkle just occurred to us in the last couple of days um they will approve a number at once it won't be just one uh that would be choosing a winner given the way ETFs work um but we know grayscale wants to convert to an ETF I don't know how practical that is or if the SEC will let them or if they need a special dispensation I just don't know the rules um grayscale has said it will sue the SEC again if it denies uh the conversion um if they were to do that before January 10th I don't know if that would throw everything up in the air again I just the others as well for everyone right yeah I I just don't know I don't know so if we look at the the reasons that Bitcoin will scale so our base Cas is today 600 to 650 650,000 and our bull case um based on the scarcity that is now developing we're at roughly 19 and a half million Bitcoin out there there will only be 21 million ever and we do believe that um if the SEC blesses a Bitcoin ETF institutions will feel like the coast is clear uh for them to pursue we know a lot of Institutions uh have been researching crypto assets for a while and do agree that it is a new asset class uh Bitcoin was the first in a new asset class we CL uh class we wrote uh um we wrote a paper in 200 I think it was 16 ringing the bell for a new asset class and uh our director of digital assets said to me do you realize that happened today we rang the bell for a new asset class I said I didn't make that connection anyway um so institutions understand when there is a new asset class it's um there there's an opportunity to to diversify and increase returns per unit of risk that's very important uh they've also learned that uh that Bitcoin in particular can be a hedge against both inflation and deflation everyone understood the inflation part of it because right now it's pretty much considered like digital gold a hedge against inflation but we learned something very important during the uh March Regional Bank crisis what happened to bitcoin then now that was riskof and a deflationary Vibe about it right uh Banks going bankrupt Bitcoin went from 19,000 to almost 30,000 up up 50% what was that that was proof of concept that it's a hedge against deflation too what what can cause deflation in a financial crisis it's counterparty risk you don't know what is on the books of the banks and which ones are going to go bankrupt and which ones aren't so there's a seizing up so you know just get away from that move into an ecosystem where there is no counterparty risk that is Bitcoin completely decentralized completely transparent and no counterparty risk uh so I think more people are beginning to understand that sure it's a risk on asset uh but it's also a risk off asset and gold has some of that but uh but Bitcoin has has that on steroids I would say share your thoughts on Cathy Wood's insightful remarks about Bitcoin and her bold $600,000 price prediction for the leading cryptocurrency by commenting below meanwhile the SEC has disclosed yet another delay on Wednesday the agency announced the postponement of its decision on hash one of the three firms facing a deadline on Friday November 17th 2023 hash had applied to convert its Bitcoin Futures fund into a spot ETF and the evaluation will continue until January 1st the revised deadline for the application additionally on Thursday the commission revealed the firment of its decision on grayscales application for an E3 ETF until January 1st 2024 verdicts on global X and Franklin templon applications are still pending with the expectation of potential delays however January could bring significant changes as the SEC is anticipated to announce a series of approvals share your perspectives on Cathy Woods interview and Bitcoin predictions by leaving your comments and observations in the comments section below
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