Cathie Wood of ARK Investment bets big on Bitcoin, seeing tech advances as a price-drop force.
Cathie Wood, the head of ARK Investment, believes that prices will drop because of advancements in technology like AI, electric cars, robots, DNA mapping, and blockchain.
Bitcoin is Her Top Long-Term Asset:
During a Bloomberg interview, Wood chose Bitcoin as her top asset for the next decade, calling it "digital gold." She appreciates Bitcoin because it's free from institutional control, meaning there's no risk of interference from other parties.
ARK Investment, run by Wood, could profit if the U.S. Securities and Exchange Commission approves a Bitcoin ETF—a fund that would make it easier for people to invest in Bitcoin. ARK has already applied for such a fund.
Last November, Wood's $1.2 billion ARK Next Generation Internet ETF bought shares in the Grayscale Bitcoin Trust at a 40% discount. This trust is the largest in the fund and has gained about 224% this year.
Also when Bitcoin’s value rose to $35,000, Wood’s ARK sold over 100,000 Grayscale Bitcoin Trust shares, which were worth about $2.5 million.
Wood has long been an advocate for Bitcoin and AI, suggesting that their combination could revolutionize industries by cutting costs and boosting productivity worldwide.
At the time of writing, Bitcoin's price had decreased slightly by 2.26% to $34,459.68, and its trading volume had fallen by 25.20% to $19.28 billion. Despite this, Bitcoin's value has gone up by more than 24% in the last month.
Below is a chart showing Bitcoin's Price movement in the past 7 days https://coinpaprika.com/coin/btc-bitcoin/
