Benzinga - ARK Investment Management CEO Cathie Wood is advocating for Bitcoin (CRYPTO: BTC) as the ultimate defense against deflation over the next ten years, as reported by Bloomberg on Thursday.
What Happened: Wood perceives Bitcoin as “digital gold,” forecasting its growth alongside the advancement of breakthrough technologies including artificial intelligence, electric vehicles, robotics, genomic sequencing, and blockchain.
Bitcoin’s value has more than doubled this year despite a 64% crash in 2022. Wood anticipates its price will exceed $1 million within the next decade.
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She also foresees a convergence between artificial intelligence and Bitcoin, enabling a division of labor and global micro tasks beyond our current imagination. Her firm, in partnership with 21Shares, has applied for a Bitcoin ETF and has invested in the Grayscale Bitcoin Trust (OTC:GBTC), although they did sell some of their GBTC holdings last month.
Why It Matters: Wood’s firm previously sold GBTC units worth about $6.05 million in October 2023, as Bitcoin rallied about 14% amid hopes of regulatory approval of a spot Bitcoin ETF. This move, juxtaposed with her recent endorsement of Bitcoin, emphasizes her conviction in the cryptocurrency’s future.
Wood’s belief in Bitcoin’s potential, as she expressed in an interview with Benzinga’s Jason Raznick in August 2023, aligns with her firm’s actions. ARK Investment Management was among the companies that filed for a Bitcoin ETF, a matter that still awaits SEC approval.
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