Cathie Wood from Ark Invest Speculates on Ethereum ETF Approval Tied to US Politics, Predicts Potential for Solana ETF Approval too

In a surprising turn of events, ARK Invest CEO Cathie Wood has revealed that cryptocurrency has become a significant political issue in U.S. elections, leading to the unexpected approval of key Ethereum (CRYPTO: ETH) ETF filings.

Speaking at Consensus 2024, Wood expressed her astonishment at the approval of the Ether ETF filings, stating that the prevailing sentiment was that it would not be approved. She attributed this unexpected development to the growing importance of cryptocurrency in U.S. election debates.

Wood also highlighted former President Donald Trump’s increasing comfort with Bitcoin and other cryptocurrencies, including his decision to accept campaign donations in crypto, as a factor that has drawn attention to the sector.

While Wood suggested that a Solana (CRYPTO: SOL) ETF could be approved, she deemed meme coin-focused funds unlikely, stating that major brokerage firms and investment advisory companies would not accept more than “the majors.”

Wood’s comments come on the heels of her bullish sentiment on Bitcoin, despite Ether’s recent spotlight due to the ETF approvals. She reiterated her belief in Bitcoin as a global monetary system, technology, and new asset class.

The ARK 21Shares Bitcoin ETF (BATS:ARKB) saw inflows of $4 million on May 29, bringing the total to around $3 billion since the ETFs started trading in January, according to SoSo Value.

Wood’s insights into the evolving landscape of cryptocurrency and its impact on U.S. politics shed light on the growing influence of digital assets in the financial world.