Ark Invest's Cathie Wood on bitcoin ETF prospects and Tesla's billion-dollar investment

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Ark Invest's Cathie Wood on bitcoin ETF prospects and Tesla's billion-dollar investment (via ETFEdgeCNBC)

With Gary Gensler — a longtime financier who taught a digital currency class at the Massachusetts Institute of Technology — being nominated to lead the Securities and Exchange Commission, the watchdog could warm to crypto during the Biden administration, Wood said.

"I think we have individuals now involved who really understand the space and I think the likelihood has gone up" for a U.S.-based bitcoin ETF. for the first-ever physically backed bitcoin ETF in Canada this week. The fund began trading on Thursday.are adding bitcoin to their balance sheets, its potential for profits has exponentially grown, Wood said.

"We expected institutional interest to pick up this year and it certainly has, but the way in which it's picked up has surprised us," she said. "I don't think we ever thought there would be broad-based substitution of bitcoin for cash on corporate balance sheets, so, we find that very interesting."

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