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Cathie Wood: Treasury Secretary Gary Gensler's Ambitions Hinder Approval of Bitcoin Spot ETF

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Cathie Wood: Treasury Secretary Gary Gensler

Ark Invest founder Cathie Wood said in an interview with CNBC that it is difficult to find a reasonable reason for SEC Chairman Gary Gensler to obstruct the Bitcoin spot ETF given his understanding of BTC. There is speculation that Gensler has ambitions to become the U.S. Treasury Secretary. However, Wood believes that the Bitcoin spot ETF will eventually be approved and predicts that by 2030, the market value of cryptocurrencies will increase from the current $1 trillion to $25 trillion.

Gensler, with Blockchain Expertise, Opposes Bitcoin Spot ETF

The crypto community is about to witness the first opportunity for the approval of a Bitcoin spot ETF. Ark Invest founder Cathie Wood, whose firm is among the applicants, discussed SEC Chairman Gary Gensler's background in an interview with CNBC. Gensler, who has taught blockchain technology, digital currencies, finance, and public policy at MIT, is known for his expertise in the field.

Wood pointed out that the SEC has been concerned about manipulation as a reason for rejecting the approval of a Bitcoin spot ETF. However, she finds it hard to understand a valid reason why Gensler, who is well-versed in blockchain transparency, would oppose it.

Gensler's Ambition as Treasury Secretary

Wood also mentioned speculation about Gensler's desire to become the U.S. Treasury Secretary. Given that the Treasury Secretary focuses on fiat currency, particularly the U.S. dollar, this could be a real obstacle for the approval of a Bitcoin spot ETF.

Bitcoin Spot ETF Will Eventually Be Approved, Crypto Market Cap to Reach $25 Trillion

However, Wood believes that a Bitcoin spot ETF will eventually be approved and predicts that by 2030, the market cap of cryptocurrencies will increase from the current $1 trillion to $25 trillion. She likened the current crypto market to the early days of internet technology and emphasized that the growth of the crypto market will not be limited to the U.S. but will involve global expansion.

Currently, 12 asset management companies have applied for a Bitcoin spot ETF, with the first approval window set for 11/17.