Cathie Wood, CEO of ARK Invest, stated on CNBC that SEC Chairman Gary Gensler is very knowledgeable about Bitcoin, making it difficult to find a reasonable reason for him to block a Bitcoin spot ETF. Wood mentioned on the program that Gensler had previously taught courses on cryptocurrency and blockchain at MIT, so it is unlikely that he is unaware of this. However, Gensler remains the biggest obstacle to the approval of a Bitcoin spot ETF by the SEC.
According to a previous report by Zombit, Wood revealed in a previous interview that during discussions with SEC staff, it was found that they were familiar with Bitcoin and its advantages. The hesitation towards a Bitcoin spot ETF is more likely to come from Chairman Gary Gensler’s obstruction. Wood suggested that Gensler’s political ambitions to become the U.S. Treasury Secretary may be the reason behind his opposition to ETFs and suppression of Bitcoin.
Despite this, Wood remains optimistic about the future of cryptocurrency and predicts that a spot ETF will eventually be approved, becoming one of the main catalysts to drive the total market value of cryptocurrencies to $25 trillion by 2030.