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Cryptocurrencies are an election issue
The crypto community numbers in the millions, and these enthusiasts are ready to flex their muscles in the upcoming US elections. This month, the cryptocurrency industry scored several victories that highlighted its enormous impact on US politics and politics in Washington.
According to Cathie Wood, CEO of ARK Invest, cryptocurrency has become an election issue in the United States, attributing the sudden approval of Ether to this political shift.
Speaking at Consensus 2024, Wood said: “The reading was that it was not going to be approved. It was absolutely not going to be approved. If it had been approved on a regular basis, we would have been getting questions from the SEC. Nobody was getting questions from the SEC in advance.”
Wood, who also serves as chief investment officer of ARK Invest, pointed out that sentiment has evolved around the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House. The law passed last week with bipartisan support, reflecting its impact as an election year issue.
Another important factor, according to Wood, was former President Donald Trump’s support for bitcoin and cryptocurrency. “That week, he said he would accept campaign donations in cryptocurrency,” which, he noted, caught the administration’s attention.
Wood also discussed the potential approval of an ETF, but was skeptical of funds focused on meme coins due to the reluctance of brokers and investment advisors to accept anything beyond major cryptocurrencies.
In his speech, Wood also highlighted ARK’s position that bitcoin (BTC) is a public good. He said the Ark 21Shares ETF, approved in January with a 0.21% fee, was designed to be accessible to a broad audience. “We should do it [the ETF] as accessible as possible to as many people as possible, so keep the fee very low,” he said.
Wood also announced that ARK will allocate a percentage of its private funds’ revenues to support Bitcoin developers, ensuring they receive ongoing support regardless of the ETF’s profitability.
Wood is known for her optimistic view on bitcoin, predicting that BTC could reach $1.5 million by 2030 and describing it as a “financial super highway.” Despite the progress in the approval of ether ETFs, Wood reaffirmed her preference for bitcoin over ether when asked whether she would prefer to hold bitcoin or ether.
“Bitcoin, without a doubt. There is no question. It is a global monetary system. It is a technology and it is a new asset class. These are three great ideas in one, and nothing else in the cryptocurrency world can compete with it. ” “, he concluded.