Cathie Wood Attributes Bitcoin’s Rise to National Currency Devaluations
Ark Invest CEO Cathie Wood (Danny Nelson/CoinDesk)
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Cathie Wood
Ark Invest CEO Cathie Wood (Danny Nelson/CoinDesk)
The Ark Invest CEO said the firm has been looking closely at emerging markets, where use cases of the digital asset make her believe that bitcoin is partly a risk-off asset.
ARK Invest aims to have no individual holding surpass a 10% weighting of an ETF’s value, making such large sell offs necessary when an asset surges in value.
While bitcoin’s price is often denominated against fiat currencies, Wood pointed out that even relative to gold, BTC has risen consistently since its early days.
ARK Invest’s CEO previously predicted the price to reach $1 million by 2030.
COIN constitutes a 10.34% weighting of ARK’s Innovation ETF, a stake worth over $872.5 million.
Coinbase’s Nasdaq-listed stock fell 2.96% Wednesday to $152.24 as the crypto market’s rally halted.
The investment fund bought $9.2 million worth of BITO shares while selling $27.6 million worth of COIN.
Cathie Wood’s investment firm also sold GBTC stock while increasing its holdings of Block.
The firm has sold over $150 million worth of stake in COIN since Dec. 5.