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HOME > News > CRYPTOPEDIA > BITCOIN NEWS > Grayscale’s Bitcoin ETF might be approved due to the FTX fallout, says Cathie Wood
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Grayscale’s Bitcoin ETF might be approved due to the FTX fallout, says Cathie Wood

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Posted news room November 24, 2022 538 Views 4 Min Read
Updated 2022/11/24 at 10:43 AM
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Grayscales Bitcoin ETF might be approved due to the FTX fallout says Cathie Wood
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The American investor seems bullish about Bitcoin and Ethereum infrastructure despite the market crash. She also said BTC is “working beautifully” and will eventually become a major cryptocurrency in the world. 

Image: Cathie Wood Source: Forbes
Image: Cathie Wood Source: Forbes

ARK Investment Management Founder and CEO Cathie Wood says that FTX’s fallout can work out well in favor of the implementation of laws and regulations. SEC might finally accept the Bitcoin ETF application submitted by Grayscale, which was previously rejected by the authorities. 

Grayscale has been trying to convert its Bitcoin Trust Funds into an ETF but for some reason, SEC kept on denying the application. The company tried to hold a campaign to protest against the US regulators who approved Bitcoin Futures but drew the line on ETF.

“I think what’s happened with the fallout here might increase the probability that a Bitcoin ETF will be approved,” Wood told Bloomberg. “I’m not saying immediately, but we know.”

There were many speculations that since FTX has fallen out then maybe other exchanges or firms might also be in danger of bankruptcy, especially those connected to SBF and Alameda Research; Grayscale and DCG are included in the list.

ARK Invest has been buying Grayscale’s Bitcoin Trust (GBTC) for a long time. Wood believes Grayscale is going strong and will be able to recover because it has relevant funds to do so. She bought $2.8 million worth of shares last week and an additional $1.5 million shares on Monday. The firm now holds $53 million worth of GBTC shares in Grayscale.

This is a huge investment and risk for any investment firm, but Wood seems quite bullish about it. “We’re looking at the 41 percent discount that’s faster relative to Bitcoin today,” she said. Grayscale’s investment trusts seem to be revenue-generating and cash cows, so the firm might be able to hold on to the crisis well. 

“We’ve got such a big discount relative to Bitcoin, and again I don’t think they’re going to [liquidate]. This is the most valuable property,” she said. “And I think the discount will close. Don’t know if it’s because of the conversion to BTC ETF; regulators will need to look into it.”

According to ARK’s team, the GBTC is highly regulated and Coinbase has confirmed that all the Bitcoin of GBT is in cold storage, so Wood is quite positive about her investment in these trust funds. 

Overall, the market has been quite stable for Bitcoin and Ethereum, according to Wood. She shared that the hashrate of BTC was at an all-time high and even ETH-staked coins are on top despite the crash. 

Non-crypto users might hesitate to invest their savings in crypto seeing the FTX insolvency but Wood says this is the perfect time to join the industry because it’s going through an exciting time that might change the whole trajectory of the crypto and DeFi world. 

Final words

The crypto prices might be down but Bitcoin has been the most stable among other coins and that’s because it’s highly decentralized and transparent. The ongoing debacle over DeFi vs CeFi has brought authenticity to the world’s largest cryptocurrency and people are trusting BTC’s growth in the coming years. 

There’s no doubt that the crypto community is slowly moving towards DeFi and decentralized exchanges. SBF might’ve caused millions of dollars of loss for the users but his Ponzi scheme has opened up debates to regulate crypto more than ever, especially in the US.

TAGGED: bitcoin, crypto

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