Ark Invest’ Cathie Wood Backs Bitcoin Despite Recent Turmoil
Wood had previously forecast that Bitcoin will reach $1 million by 2030.
Cathie argues, institutions may wind up feeling even more at ease with Bitcoin.
Cathie Wood, CEO of Ark Invest, recently tweeted her admiration for Bitcoin’s resiliency, noting that the flagship cryptocurrency “didn’t skip a beat” amid a recent crisis. Additionally, she claims that Bitcoin’s transparency and decentralization are reasons why discredited FTX founder Sam Bankman-Fried disliked it. The well-known investor said, “He couldn’t control it.” Following the release of Ark Invest’s monthly report, Wood responded with a tweet.
Ark Invest has observed that despite the FTX-induced market turbulence, the supply held by long-term investors has remained steady. The number of people who are actually using Bitcoin increased by more than 18 percent last month, making it the greatest monthly increase since the beginning of 2021. This lends credence to the notion that self-custody rates will continue to rise.
$1 Million by 2030
Wood had previously forecast that Bitcoin will reach $1 million by 2030, perhaps in late November. However, she also said that the FTX crash would likely slow institutional adoption. But after “doing their research,” Wood argues, institutions may wind up feeling even more at ease with Bitcoin.
According to CMC, from its all-time high, the premier cryptocurrency has fallen as much as 75.14 percent and is now trading at $17,176. Despite this, ARK has raised its holdings in the Grayscale Bitcoin Trust (GBTC), a crypto asset managed by Grayscale, part of the Digital Currency Group (DCG) behemoth, which is feeling the pressure from recent FTX fiasco.
Data from Wood’s specialized website, Cathie’s Ark, shows that on November 21, the investment firm bought roughly 177,000 shares of GBTC.
Filed under: Bitcoin - @ December 11, 2022 6:45 pm