Ark Investment Management founder Cathy Wood said in an interview on Tuesday that she expects Bitcoin’s rebound this year to continue in 2024. Unlike the banking system, cryptocurrencies do not have any counterparty risk and are decentralized and transparent, allowing investors to track token movements and unusual activity on the chain.
There are signs that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF in January, which Wood said is “very encouraging.”
Wood said the SEC's "depth of knowledge" and understanding of the issues have gotten better and approval could be granted by Jan. 10, 2024.
Wood reiterated that Bitcoin is a hedge against inflation and deflation. Within five years, she said, Bitcoin will be viewed as an investment on the same level as physical gold.
One day, Bitcoin will even be used as legal tender in more emerging economies. El Salvador has already expressed support for Bitcoin and crypto-assets in this regard.