Cryptocurrency Becomes Significant Political Issue in U.S. Elections, Leading to Approval of Key Ethereum ETF Filings: Cathie Wood
ARK Invest CEO Cathie Wood has made a bold statement regarding the impact of cryptocurrency on U.S. elections, leading to the unexpected approval of key Ethereum (CRYPTO: ETH) ETF filings. Wood shared her insights at Consensus 2024, highlighting the growing significance of cryptocurrency in political debates.
Wood expressed her surprise at the approval of Ether ETF filings, stating that the initial sentiment was that they would not be approved. She credited the evolving sentiment around the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House for the recent bipartisan approval.
Former President Donald Trump’s increasing acceptance of Bitcoin and other cryptocurrencies, including his decision to accept campaign donations in crypto, has also drawn attention to the sector. Wood noted that this shift in attitude has contributed to the growing importance of cryptocurrency in the political landscape.
While Wood suggested that a Solana (CRYPTO: SOL) ETF could be approved, she deemed meme coin-focused funds unlikely to be accepted by large brokerage firms and investment advisory companies.
Wood’s comments come on the heels of her optimistic predictions about the potential of cryptocurrencies, particularly Bitcoin. She recently raised her Bitcoin prediction by $2.3 million, emphasizing the global monetary system and technological advancements of the leading cryptocurrency.
Despite the recent spotlight on Ether due to the ETF approvals, Wood maintained her bullish sentiment on Bitcoin, calling it a global monetary system and a new asset class. She also highlighted the potential economic growth for El Salvador through its push for Bitcoin and AI technologies.
The ARK 21Shares Bitcoin ETF (BATS: ARKB) saw significant inflows on May 29, further indicating the growing interest in cryptocurrency investments. Overall, Wood’s remarks underscore the increasing influence of cryptocurrency in political and economic spheres, shaping the future of digital assets.
