One the first day after the US Securities and Exchange Commission (SEC) approved a spot bitcoin ETF (BTC-USD), over $3 billion was traded among 11 spot BTC funds, according to Bloomberg. As the different firms vie for customer attention in the near-term, time will tell whether or not all 11 funds will remain long-term.
Cathie Wood, Ark Invest CEO & CIO, joins Yahoo Finance to discuss the various spot bitcoin ETFs, which have staying power, and the advantages of Ark Invest's ETF, the ARK 21Shares Bitcoin ETF (ARKB)
Wood expects Ark's ETF will be one that stands the test of time, for three reasons: the firm'sl infrastructure and operations, its research, and its salesforce.
On consolidation, Wood says, "I don't think there will be 11 spot bitcoin ETFs. Some may close, some may be consolidated into bigger companies. The more pure play companies may be bought out by the larger players who need more of that expertise in-house. I do think the process of closing and consolidation will take us down to three, maybe four, but more likely three."
Vangaurd is one institution that is not getting into the spot bitcoin ETF market. Wood argues that it is "a terrible decision" and a "strategic blunder."
Watch the video above to hear how far Wood thinks bitcoin prices will rise.
#bitcoin #youtube #crypto
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