During a recent CNBC interview, Wood shed light on Bitcoin’s formidable security framework, underscoring its dependence on the world’s largest computer network. Despite earlier skepticism from financial heavyweights like CNBC’s Jim Cramer, JPMorgan CEO Jamie Dimon, and Peter Schiff, Wood directly addressed these concerns.
Bitcoin Deemed by Cathie Wood as One of the Most Significant Investments in Our Generation
In her rebuttal, Wood emphasized Bitcoin’s intrinsic value and, notably, its robust security. She highlighted that Bitcoin’s network surpasses the combined scale of clouds constructed by tech giants Amazon, Google, and Microsoft over the past two decades.
On January 23, under Wood’s guidance, Ark Invest liquidated 585,915 ProShares Bitcoin Strategy ETF (BITO) shares, totaling approximately $12 million. The proceeds were strategically used to acquire 360,830 units of Ark 21Shares Bitcoin ETF (ARKB) valued at $14.5 million.
Cathie Wood Champions Bitcoin: A Strategic Investment Amidst Robust Security and Institutional Adoption
Wood continued her strategic reallocation by removing ProShares Bitcoin Strategy ETF from ARK Next Generation Internet ETF (ARKW), aligning with the plan to bolster Ark 21Shares spot Bitcoin ETF holdings.
Catalyzed by a post from Yassine Elmandjra, Ark Invest’s Director of Digital Assets, highlighting Bitcoin’s hashrate reaching an impressive 500 exahashes/s, Wood emphasized its dominance over the world’s most powerful supercomputer by a factor of 500 in raw operations per second.
Wood anticipates a significant price surge due to increasing institutional adoption, emphasizing the need for trust on the path to a million-dollar token. With Bitcoin currently in the $40,000 to $43,000 range, Wood envisions institutions allocating 2% to 5% of Bitcoin in their portfolios, paving the way for a seamless ascent to the million-dollar milestone.