[ad_1]
The Securities and Exchange Commission’s approval of 11 spot Bitcoin ETFs this week could be a turning point for cryptocurrency investing.
Cathie Wood, CEO and Chief Investment Officer of Ark Invest, is behind one of the new ETFs. His company partnered with 21Shares to launch the ARK 21Shares Bitcoin ETF.
“We really believe this is an important moment for us to help democratize Bitcoin access, to provide access to more people,” Wood told “ETF Edge” on Monday.
Trading of the first batch of spot ETFs began on Thursday. Investor interest Bitcoin Historical ETF approvals are accelerating. As of Friday, the cryptocurrency was up more than 125% over the past 12 months.
As financial firms begin to get more exposure through new instruments, the impact on Bitcoin prices will be noticeable, Wood said.
“If institutions with trillions of dollars under management put just 0.2[%] Or 0.5%, that could really move the needle,” Wood said.
Ophelia Snyder’s firm 21.co is heavily involved in the cryptocurrency sector. According to its website, the firm “combines traditional finance and decentralized finance for easy crypto access.”
“It’s also part of a new wave of disruptive technology,” the company’s chairman and co-founder told “ETF Edge.”
Snyder argued that Bitcoin is more than just being a new asset class.
“It’s also part of a new wave of disruptive technology.”
Ophelia Snyder
21.CO President and Co-Founder
“There’s still a lot to be done about how it will actually interact with the world and with our economic systems, and also, obviously, how it will interact with your portfolio,” he said. ”
Snyder also said that the impact that broader Bitcoin access could have on the broader market “cannot be underestimated.”
Disclaimer
