Cathie Wood Strongly Supports Bitcoin, Ark Invest Eyes Spot Bitcoin ETF Approval in 2024

Cathie Wood, CEO of Ark Invest, expressed strong support for Bitcoin during an interview on "Merryn Talks Money." She unequivocally opted for Bitcoin over gold and cash for a decade, highlighting its growth potential, particularly among young investors. Wood highlighted Bitcoin's recent outperformance in hedging capabilities over gold and noted that Ark Incest’s application for a Spot Bitcoin ETF with the US SEC is under consideration, positioning them for potential approval in January 2024. She also emphasized Bitcoin's importance as a barometer for financial markets and its unique role as a hedge against both inflation and deflation, thanks to its transparency and decentralization.

DeFi is making an unexpected comeback following the recent crypto market surge, primarily driven by Bitcoin. Interest rates for borrowing stablecoins like USDC and USDT have spiked above 10% on Aave, signaling a renewed interest in crypto leverage. This shift aligns with positive funding rates in the perpetual futures market, favoring speculative bets. Bitcoin's recent rally has extended its influence to smaller tokens like SOL and ADA, while DeFi's role as a lending platform has gained prominence. This resurgence underscores DeFi's importance in the crypto ecosystem with increased market volatility.

Bitcoin is currently testing the 35,000-resistance level, and a breakout would propel the price directly toward the next target at the 46,700 area.