Cathie Wood, founder and CEO of Ark Investment Management, expressed her confidence that crypto exchange-traded funds (ETFs) will continue to be popular and shine as the number of crypto wallets expands. During the Solana Accelerate event in New York, Wood highlighted that while crypto wallets offer additional protection and autonomy, the ease and convenience of ETFs will continue to attract traditional investors.
Here are the key points from her statements:
1. Importance of ETFs: Wood believes that ETFs are an important step in the adoption of cryptocurrencies, as crypto wallets can be complicated and present friction for consumers.
2. Wallets as insurance policies: Wood stated that wallets act as "insurance policies" for investors, offering protection against failures in traditional financial systems and decentralization.
3. Growth of wallets and ETFs: Currently, there are approximately 200 million active Bitcoin wallets worldwide. Spot Bitcoin ETFs have recorded over $44 billion in inflows, while spot Ether ETFs have recorded $2.77 billion.
4. Potential of Solana: Wood believes that Ether could be the gateway for new investors to understand smart contracts before moving to assets like Solana. She also mentioned that she would share her projection of Solana's price once she has completed her analysis.
On the other hand, VanEck criticized the SEC for delaying its decisions on Bitcoin ETF applications without proper communication. The firm's head of research, Matthew Sigel, argued that the delays affect their application for options trading linked to their spot Bitcoin ETF.
In summary, Cathie Wood is confident in the future of crypto ETFs and their growth as crypto wallets expand. Meanwhile, VanEck expressed its discontent with the SEC for the lack of clarity in its decisions on ETF applications.
