ARK’s Cathie Wood & Grayscale’s Michael Sonnenshein on Bitcoin’s Big Win 01/11/24

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 11 January 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

After over 10 years of opposition to the idea, the SEC finally approved 11 spot bitcoin ETFs to begin trading. In this cryp-tastic episode, Grayscale’s Michael Sonnenshein discusses his firm’s spot bitcoin ETF offering and ARK Invest’s CEO and CIO Cathie Wood discusses details of her firm’s own offering. The two weigh in on the fee wars, the long journey to regulatory legitimacy, and the next milestone for digital assets. Plus, hear Coinbase CEO Brian Armstrong’s first reaction to the approval, and Pomp Investments’ Anthony Pompliano’s expectations for the future of bitcoin. Michael Sonnenshein - 06:12 Cathie Wood - 18:26 In this episode: Becky Quick, @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	This is
0:03.8	Squack Pod from CNBC on today's episode one giant market story
0:10.8	Bitcoin the world's biggest cryptocurrency, is now accessible to old school investors
0:16.8	after the regulatory approval of exchange traded funds.
0:20.6	One of the players who pushed it forward,
0:22.9	Grayscale CEO Michael Sondenschein.
0:25.6	We knew it was coming.
0:26.7	We were optimistic.
0:28.1	We were steadfast in our conviction around this.
0:30.7	But this is really the culmination of 10 years of work.
0:33.0	Greyscales big transition,
0:36.0	the Bitcoin Futures E.T.
0:38.0	Today trading as a Spot Bitcoin E.
0:41.0	It is going to be as of this morning the second largest spot commodity
0:45.4	E.T.
0:46.1	In the world, it has 28 billion dollars of assets under management.
0:50.3	And Arc invests, Kathy Wood, her firm's Spot Bitcoin EDF offering has a different appeal,
0:57.0	like her really bullish outlook on the asset.
1:00.5	Our base case is in the $600,000 range. Our bull case is $1.5 million by 2030.
1:08.8	The fee war, the future of Bitcoin, and Kathy Woods big ideas.
1:13.4	It is the first global decentralized digital rules-based, critical there, rules-based
1:20.6	monetary system in history.
	...

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