Bitcoin is now a ‘public good’ – President of ARK Invest

The approval of Bitcoin (BTC) exchange-traded funds (ETFs) in the United States established the cryptocurrency as a “public good,” according to Tom Stout, president of ARK Investments.

According to him, the Bitcoin investment vehicle is not a “profit maximization” but a way to introduce new audiences to cryptocurrencies. “I think that's the most important thing in the end. […] This [Bitcoin] It's become a public good that we want to make sure that all investors have access to it,” Stout said.

ARK Invest is one of the asset managers approved by the US Securities and Exchange Commission to launch a Bitcoin ETF, which allows investors to buy and hold BTC in portfolios just like stocks and mutual fund shares.

Stadt also said that the cryptocurrency serves as a hedge against inflation and a risk asset that can generate additional returns, portfolio composition and diversification features for Bitcoin.

“What we've seen is that Bitcoin can be both a risk and exposure asset. It can be used for both inflation and fear of inflation.”

In another interview with CNBC, ARK Invest CEO Cathy Wood reinforced the view that Bitcoin could reach $1.5 million by 2030.

“Our bull issue, and we think the bull issue opportunity has increased with this SEC approval, our bull issue is $1.5 million in 2030. […] It is the first ever global, decentralized, digital, rules-based – critical that ‘rules-based' – monetary system. It's a very, very big idea.”

Bitcoin ETFs began trading on Wall Street's major exchanges on January 11, with the Chicago Board Options Exchange, New York Stock Exchange and Nasdaq among the first to trade the products. Analyst James Seifert previously predicted that Bitcoin ETFs could attract $10 billion in the first year.

ARK has partnered with financial technology company 21Shares to offer a Bitcoin product. Other applicants approved on January 10 include Invesco Galaxy, VanEek, WisdomTree, Fidelity, Valkyrie, BlackRock, Greyscale, Bitwise, Hashdex and Franklin Templeton.

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