ARK Invest is teaming up with 21shares to launch new crypto-focused ETFs. ARK Invest Founder and CEO Cathie Wood says the partnership made sense given how complementary the firms' areas of expertise are. Wood says that bitcoin (BTC-USD) is "the first global, digital, private rules based monetary system in history" adding that global monetary policy is "unhinged, it's not hinged to anything except human decision-making" and that "the monetary system is bitcoin." Ark is one of the several firm trying to launch a spot bitcoin ETF. Wood says "something has changed," noting that the Securities and Exchange Commission has responded to their application with questions instead of just rejecting it. Wood believes this means that the odds of approval have gone up. Overall, Wood is still bull on bitcoin, saying her base case for the cryptocurrency is $600,000-$650,000. However, she thinks it could go higher, given the currency's scarcity and the potential for more institutional investment if a spot bitcoin ETF is approved. You can see the full interview with ARK Invest's Cathie Wood on Wednesday, November 15 at 9 a.m. ET on Yahoo Finance. Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb #youtube #CathieWood #crypto About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.
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