1 year ago
Ark Invest CEO Cathie Wood was a impermanent connected Merryn Somerset Webb’s amusement ‘Merryn Talks Money’, wherever she discussed the macro situation and the caller happenings successful the fiscal world. What volition chiefly involvement the crypto assemblage is what she had to accidental astir the flagship cryptocurrency, Bitcoin.
“Bitcoin Hands Down”
When quizzed by Merryn astir which she would similar to clasp for 10 years betwixt gold, cash, and Bitcoin, Wood replied by saying, “Bitcoin hands down.” She noted that portion Bitcoin and Gold some person hedging functionalities, the second already had its time, dissimilar Bitcoin, which she labeled arsenic “new” and was conscionable gaining steam.
While highlighting Bitcoin’s aboriginal imaginable and “incremental demand,” she stated that institutions were inactive hardly progressive and that the large investors of the aboriginal (the “young people,” arsenic Wood enactment it) would similar to clasp Bitcoin implicit Gold. She besides mentioned that Bitcoin has been outperforming Gold precocious successful presumption of its hedging capabilities.
Wood’s bullishness connected the foremost cryptocurrency whitethorn not travel arsenic a astonishment to many, considering that her company, ARK Invest, is 1 of galore plus managers who person applied with the US Securities and Exchange Commission (SEC) to connection a Spot Bitcoin ETF.
Interestingly, her institution leads the contention toward support arsenic the SEC is expected to marque a determination (possibly approve) connected their application successful January 2024, with decisions connected the different applications to travel after. However, it remains to beryllium seen if that is what volition happen, arsenic the SEC tin take to o.k. (if it does) each funds astatine the aforesaid time.
Cathie Wood Recognizes Bitcoin’s Importance
Earlier successful the interview, Wood highlighted the terms of Bitcoin arsenic 1 of the things her institution was monitoring successful narration to the fiscal markets and deciding connected however to gauge the ostentation rate.
She alluded to however Bitcoin’s terms rose from $19,000 to $30,000 during the regional banking crisis that occurred backmost successful March with a mates of banks similar Silicon Valley Bank collapsing.
She described Bitcoin’s emergence during that play arsenic “fascinating” and however galore saw the cryptocurrency arsenic a “flight to information vehicle.” While galore person successful the past touted Bitcoin arsenic a hedge against Inflation, Cathie Wood believes it tin spell some ways arsenic the cryptocurrency tin besides service arsenic a hedge against deflation due to the fact that determination is nary counterparty hazard successful Bitcoin.
She seemed to suggest that Bitcoin was a haven for many, particularly with the banking crisis, due to the fact that it was wholly “transparent and decentralized,” dissimilar banks wherever customers bash not cognize thing astir what goes successful determination and however their deposits are being utilized oregon safeguarded.
Featured representation from Cryptoknowmics, illustration from Tradingview.com
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