- SEC Chair Gary Gensler’s political ambitions are delaying approval of a spot bitcoin ETF, according to Cathie Wood, preventing a product many investors want.
- Wood believes the crypto market has massive growth potential, estimating its total market cap could reach $25 trillion by 2030.
- Despite regulatory delays for a bitcoin ETF, Wood remains highly bullish on crypto adoption continuing to increase going forward.
The approval of a spot bitcoin exchange-traded fund (ETF) in the U.S. continues to face roadblocks due to SEC Chair Gary Gensler‘s political ambitions, according to ARK Invest CEO Cathie Wood. Despite the delays, Wood remains highly bullish on crypto’s growth potential.
Gensler’s Motivations
Wood believes Gensler is avoiding approving a spot bitcoin ETF while he positions himself for a run for political office after his term at the SEC ends. This is preventing the creation of a product many investors desire.
Wood said, “Why he doesn’t want to move forward with spot ETFs is very clear. He wants to run for office somewhere, wants to be appointed to something, so he does not want to take the heat.”
The Growth Potential of Crypto
While spot bitcoin ETF plans face uncertainty, Wood still sees massive potential for growth in the broader crypto market.
She stated, “Our confidence in the growth rate potential has increased. Our estimate for the compound annual growth rate over the next decade used to be 40%, it is now 45%.”
Wood believes the total crypto market cap could reach $25 trillion by 2030, up from around $900 million currently. She remains staunchly optimistic despite the bear market and regulatory headwinds.
Conclusion
The approval of a spot bitcoin ETF in the U.S. continues to face political roadblocks, according to Cathie Wood. However, she believes the crypto market still presents enormous growth potential in the years ahead. Crypto adoption is likely to continue growing, regardless of how long it takes for a spot bitcoin ETF to be approved.
