2021-2-25 21:03 |
Cathie Wood is “very positive on Bitcoin,” revealed the founder and Chief Executive of Ark Investment Management in an interview with Bloomberg.
She said she is bullish on the leading cryptocurrency, but more importantly, Wood is “very happy to see a healthy correction here” — “No market is straight up. Everyone should know that.”
Much like Wood, Antoni Trenchev, managing partner and co-founder of crypto lender Nexo in London, believes that “On the grand scale of things, it’s less than a speeding ticket.”
The price of Bitcoin dropped about 23% to under $45,000 from its ATH of $58,300 hit this Sunday. Already, the cryptocurrency has recovered from the losses, going above $51,350 today.
This was actually a ‘buy the dip’ opportunity; according to her, “Everyone should have some dry powder for days like these.”
She had similar sentiments for Tesla stocks which have been declining. Wood loved this shakeout because it brings liquidity, and she even bought more of its shares.
Wood is a well-known Bitcoin supporter and a big investor in the digital asset through the largest digital asset manager, Grayscale’s products. ARK Investment Management LLC has 5.17 million of Grayscale holdings, as per Bybt.
It also holds 4.94 million Grayscale scales in its Ark Next Generation Internet ETF (ARKW). Grayscale Bitcoin Trust (GBTC) actually has the second-highest weightage in this product after Tesla and followed by Square, both of which have included BTC in their balance sheet.
In her interview on Tuesday, while further talking about Bitcoin, Wood said there are many use cases of the digital currency, but “the most important use case is an insurance policy around the world against confiscation of wealth.”
One of the ways this wealth confiscation can happen is through inflation, declining the purchasing power of the fiat currency.
“Bitcoin, I think, is the best hedge against inflation out there,” and it is “better than gold,” said Wood.
As such, she advised everyone to put 5 percent of their portfolio or their wealth into something like Bitcoin for the long term.
Bitcoin/USD BTCUSD 49,949.7754 $1,253.74 2.51% Volume 64.32 b Change $1,253.74 Open$49,949.7754 Circulating 18.64 m Market Cap 930.95 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Bitcoin is the ‘Best Hedge’ Against Wealth Confiscation, Especially Inflation: Ark Investment CEO first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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