Now, bitcoin is a “public good,” said ARK Invest president
Written byRock Buivy
Post Date: 28 Jan, 24
According to Tom Staudt of ARK, Bitcoin has evolved into a “public good” that ought to be accessible to all investors.
According to ARK Invest president Tom Staudt, the legalisation of Bitcoin exchange-traded funds (ETFs) in the US defines the cryptocurrency as a “public good.”
He claims that the purpose of the Bitcoin investment vehicle is to bring cryptocurrency to new audiences rather than to “maximise profit.”
“That, in my opinion, is ultimately the most crucial factor […] We want to ensure that all investors have access to this [Bitcoin], as it has evolved into a public benefit, said Staudt.
The U.S. Securities and Exchange Commission has authorised ARK Invest and other asset managers to introduce Bitcoin ETFs, enabling investors to purchase and hold BTC in their portfolios similarly to equities and mutual fund shares.
Staudt also discussed the benefits of Bitcoin for portfolio diversification and composition, asserting that it may be used as a risk asset that can yield higher returns in addition to acting as a hedge against inflation.
"What we saw is that Bitcoin can be both a risk-on and a risk-off asset. It can be used for both inflation and in fears of deflation."
The CEO of ARK Invest, Cathie Wood, reaffirmed her prediction that Bitcoin will hit $1.5 million by 2030 in a separate interview with CNBC.
"Our bull case, and we think the probability of the bull case has increased with this SEC approval, our bull case is $1.5 million by 2030. […] It is the first global, decentralized, digital, rules-based – critical there 'rules-based' – monetary system in history. It is a very, very big idea."
On January 11, the major Wall Street markets, including the Chicago Board Options Exchange, the New York Stock Exchange, and the Nasdaq, started to trade Bitcoin ETFs.
Prior to this, analyst James Seyffart estimated that $10 billion might be attracted to Bitcoin ETFs in their first year.
ARK has teamed up with 21Shares, a financial technology company, to provide the Bitcoin product.
On January 10, further candidates were accepted, including Franklin Templeton, VanEck, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, and Hashdex. Invesco Galaxy was also approved.
ARK Invest president Tom Staudt sees the legalization of Bitcoin exchange-traded funds (ETFs) in the US as a way to make cryptocurrency more accessible, describing it as a ‘public good’ rather than a profit-maximizing venture.
Bitcoin ETFs Gain Traction: ARK Invest Stresses Accessibility as SEC Approval Opens Doors to $1.5 Million Predictions by 2030
Staudt emphasizes the importance of ensuring all investors can access Bitcoin, framing it as a public benefit.
The recent approval by the U.S. Securities and Exchange Commission (SEC) for ARK Invest and other managers to introduce Bitcoin ETFs allows investors to include BTC in their portfolios similar to traditional stocks and mutual funds.
Staudt also highlights the advantages of Bitcoin for diversifying portfolios, noting its role as both a risk asset offering higher returns and a hedge against inflation.
ARK Invest CEO Cathie Wood echoes this optimism, reaffirming her prediction of Bitcoin reaching $1.5 million by 2030.
The recent SEC approval has increased confidence in this bullish scenario. On January 11, major Wall Street markets, including the Chicago Board Options Exchange, the New York Stock Exchange, and the Nasdaq, began trading Bitcoin ETFs.
Analyst James Seyffart estimates potential inflows of $10 billion into Bitcoin ETFs within their first year.
ARK’s collaboration with 21Shares underscores the growing momentum, with additional candidates like Franklin Templeton, VanEck, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Invesco Galaxy gaining approval for their Bitcoin ETF proposals.
I appreciate your engagement with Crypto-betting.org and hope you find our latest updates informative and entertaining.
For more in-depth coverage and to stay connected, feel free to follow us on Facebook, Instagram or LinkedIn for the latest insights and discussions in the dynamic world of crypto and betting.
Over the years, I've dedicated countless hours to researching and analyzing various crypto betting platforms, understanding their features, strengths, and weaknesses. This knowledge has allowed me to produce in-depth, well-rounded reviews that help users make informed decisions when it comes to choosing the right platform for their needs.