ARK Investment Management CEO Cathie Wood believes Bitcoin (BTC) could soon be nearly as valuable as gold, according to a recent interview she conducted with Brazilian financial markets information firm, InfoMoney.
“Gold is a trillion-dollar asset out there, and we do believe that Bitcoin will get a nice slug of that,” Wood said.
As of this week, Bitcoin ETFs surpassed silver ETFs to become the second-most valuable commodity currently trading in the United States.
At present, Bitcoin ETFs boast over $26 million assets under management (AUM), while silver ETFs hold less than half of that at $11 million AUM. Gold ETFs still significantly outweigh both the aforementioned ETFs combined with $95 million AUM.
Wood’s comments come nearly a week after the SEC approved several spot Bitcoin ETF applicants , including the Ark 21 Shares Bitcoin ETF (ARKB). On Tuesday, the ARK Next Generation Internet ETF (ARKW) purchased $15.9 million worth of shares from ARKB, in what may be seen as a move to bolster the spot bitcoin ETF amidst tough competition. On Wednesday, the firm followed suit by selling $15 million of their ProShares Bitcoin Strategy ETF (BITO) shares and using it to purchase $15 million worth of ARKB. In the week leading up to the approval of spot Bitcoin ETFs, shares of BITO soared over 10% with assets amassing to over $2 billion. However, future-based funds are currently experiencing outflows following the launch of spot Bitcoin ETFs, with BITO’s assets back down to $1.7 billion. As of Friday afternoon, ARKB was trading at $41.14, down 12% since its initial launch on January 11th.
However, it appears not everyone is thrilled about the launch of spot Bitcoin ETFs. “While we approved the listing and trading of certain
Read more on cryptonews.com