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Cathie Wood, CEO of ARK Invest, said at Consensus 2024 that the filing of Ether ETFs was approved because cryptocurrencies are an election issue
AUSTIN, TX — Cathie Wood, CEO of ARK Invest, said cryptocurrencies are now an election issue in the United States, which is why key documents for the Ether (ETF) proposal have been approved suddenly and unexpectedly.
“The reading was that it would not pass. It absolutely would not pass,” Wood said on stage Consensus 2024 in an interview with Peter McCormack, host of the podcast What Bitcoin Did. “If it had been approved on a regular basis, we would have received questions from the SEC. Nobody would have received questions from the SEC in advance.”
“The other thing that happened is that former President Trump had become much more comfortable with bitcoin and cryptocurrencies in general. That week, he said he would accept campaign donations in cryptocurrencies,” which attracted attention of the administration, Wood said.
Wood also said that while a solana ETF could be approved, funds focused on meme coins are unlikely because wirehouses – the large brokerage firms and investment advisory firms – would no longer accept “majors”.
Wood also said that ARK’s position is that of bitcoin (BTC) it is a public good and the Ark 21Shares Bitcoin ETF, approved in January with a 0.21% fee, would not produce any earnings.
“We should do it [the ETF] as accessible as possible to as many people as possible, so keep the fee very low.”
He 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.
Bitcoin vs Ethereum
Although ether (ETH) is having its moment in the sun thanks to progress in the approval of ether ETFs, Wood didn’t hold back on her stance on bitcoin 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. ” .”