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Cathie Wood Bets on Bitcoin Amid Market Woes, Know More Here – Crypto News

Published

3 years ago

November 3, 2023

Dripp

Cathie Wood, an American investor founder, and CEO of ARK Investment, an investment management firm, called Bitcoin, a cryptocurrency, a digital gold.

In an interview recently, Wood said she would rather have Bitcoin than gold or cash for her future.

On November 3, the ARK Investment’s owner said she expects an era of falling prices, backed by new technologies like artificial intelligence, electric vehicles, robotics, genomic sequencing, and blockchain.

Bitcoin is Cathie Wood’s Choice Hands Down:

In an interview with Bloomberg, Cathie Wood was asked about her choices in terms of keeping an asset for 10 years. In no time, she quickly responded saying, “Bitcoin, hands down.” She called the cryptocurrency “digital gold” saying, that with Bitcoin there is no inflation and deflation, as there is zero involvement of institutions, hence no counterparty risk.

It is to be noted, that Cathie Wood is among those who will benefit if the SEC approves Bitcoin Spot ETF. Her firm ARK Investment has applied for a Bitcoin ETF alongside 21 Shares and invested in the Grayscale Bitcoin Trust.

Furthermore, Wood’s $1.2 billion ARK Next Generation Internet ETF snapped up Grayscale Bitcoin Trust (BBTC) last November, when the discount was around 40%. Interestingly, Wood’s trust is the largest holding in the fund and has returned about 224% this year.

When Bitcoin surged to $35,000 rise, ARK, under the astute leadership of Bitcoin enthusiast Cathie Wood, sold 100,739 GBTC shares, which amounted to $2.5 million.

Cathie Wood has always been a supporter of Bitcoin and AI:

It is to be noted, that Cathie Wood has always held a strong perspective regarding Bitcoin and Artificial Intelligence (AI). In the past, she mentioned that there is a potential in the dynamic synergy between AI and Bitcoin.

Cathie Wood also believed that the possibilities and implications that the technologies hold for every industry nowadays are going to shape the overall economic landscape, boosting the financial situation of the industry.

She further said that AI and bitcoin collaboration will be a deadly combination as it will reduce the cost, and enhance the productivity for major growing industries, globally.

The Bitcoin price was down 2.26% to $34,459.68 during writing, while its volume over the last 24 hours plummeted 25.20% to $19.28 billion. However, over the last 30 days, the Bitcoin price noted gains of over 24%.