Cathie Wood: Grayscale's GBTC to Lose Advantage if Bitcoin Spot ETF Approved

ARK Invest CEO Cathie Wood stated in an interview with CNBC that if a Bitcoin spot ETF is approved, Grayscale GBTC will lose its advantage in this field. Previously, Wood mentioned in the CNBC interview that people are “speculating” that SEC Chairman Gary Gensler may want to become the US Treasury Secretary, and the Treasury Secretary needs to “pay very close attention to the US dollar,” implying that Gensler's ambition to become Treasury Secretary may be the real reason for the obstruction of a Bitcoin spot ETF. Wood also predicted that a spot ETF will eventually be approved and stated that by 2030, the

cryptocurrency

market cap will increase from the current $1 trillion to $25 trillion. She noted that the Ethereum network is faster and has lower transaction costs than the Bitcoin network, while the Solana network is even faster and more cost-effective than the Ethereum network. Additionally, in an interview with Yahoo Finance, Wood expressed optimism about Bitcoin, predicting that the future

Bitcoin price

could rise to $600,000 to $650,000 based on fundamentals. However, she believes that considering the scarcity of Bitcoin and the potential influx of more institutional investments if a Bitcoin spot ETF is approved, the price of Bitcoin could go higher.