Kathy Wood says Bitcoin is one of the most important investments in our lives.
Cathy Wood, CEO of ARK Invest, recently expressed her opinion about Bitcoin, stating that it is one of the most important investments in our lives.
It's worth noting that under Wood's leadership, ArchInvest has partnered with 21Shares to actively manage the One Place Bitcoin ETF.
Cathy Wood discusses Bitcoin security.
In a recent CNBC interview, Wood highlighted Bitcoin's strong security infrastructure and emphasized its reliance on the world's largest computer network.
“We think this is one of the most important investments in our lives,” Cathy Wood says on bitcoin. pic.twitter.com/97IHj4G63s
— CNBC (@CNBC) January 23, 2024
While he has been criticized in the past by prominent financial industry insiders such as CNBC's Jim Cramer, JPMorgan CEO Jamie Dimon and Peter Schiff, Wood's latest statements address those criticisms directly.
She presents a counter-argument that emphasizes Bitcoin's intrinsic value and, more importantly, its high level of security. She pointed out that the Bitcoin network is larger than the combined size of the cloud systems built by Amazon, Google and Microsoft in the last 15-20 years.
On Jan. 23, Arch Invest, led by Wood, sold 585,915 ProShares Bitcoin Strategy ETF (BITO) shares for about $12 million. The proceeds were then used to acquire 360,830 Ark21share Bitcoin ETF (ARKB) units, valued at $14.5 million.
Wood continued her strategic position by removing the ProShares Bitcoin Strategy ETF from the ARK Next Generation Internet ETF (ARKW). This move coincides with plans to increase Ark 21Shares spot Bitcoin ETF holdings.
On January 22, ARKW sold 648,091 BITO units and turned the money around to buy 523,541 ARKB units. Ark Invest intends to continue acquiring units of the ARKB spot Bitcoin ETF until the target value is reached. A previous report highlighted that ARKW bought 1.04 billion ARKB units for $43 million following the start of trading for the ARKB Spot Bitcoin ETF on Wall Street.
Hash rate success and network dominance
Cathy Wood's comments were due to a post from Yassin Elmanjara, Director of Digital Assets at Arc Invest, where Bitcoin's hashrate came to the fore, reaching an impressive 500 exahashes/s. Elmanjara presented convincing statistics, showing that BTC outperformed the world's most powerful supercomputer by 500 raw operations per second.
Earlier, stressing the cause of the shortage, Wood mentioned that she expects the price to increase as institutions add more Bitcoin, leading to a significant increase in value. She emphasized that the path to a million dollar token requires more faith.
Currently in the $40,000 to $43,000 range, Wood foresees an effortless climb to the target with institutions allocating 2% to 5% of bitcoin in their asset portfolios to reach this level.
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