Cathie Wood, CEO of Ark Invest, is bullish on Bitcoin and uses her company’s internal analyses to support her positive perspective.
In a recent interview with Bloomberg, Wood stated, “Our bull case, I think it’s $1,500,000 per coin, the best case is $625,000 (or something similar)”.
She continued by saying that the regional bank crisis that occurred in March has increased her confidence in her prognosis. According to her, Bitcoin serves as “a hedge against counterparty risk.”
Wood also talked about the success of her main ETF, Ark Innovation, throughout the conversation. Wood contends that Ark’s active management style is regaining popularity despite claims to the contrary made by critics of her investing strategy. Even without the mega-cap tech firms, the fund has outperformed the NASDAQ 100 thanks to this strategy.
Wood also addressed the movement of money, stating that since July, following huge withdrawals in early 2023, Ark funds had seen positive inflows. Wood credits a “breakout” in her investing strategy, which has drawn more technically minded investors, for this reversal.
Wood continued her discussion of cryptocurrencies by expressing her confidence in Coinbase, particularly in light of a court decision that favoured Ripple over the SEC. Despite her confidence, she decided to reallocate part of her Coinbase holding to what she called “some laggards,” such as Teradyne and genomics firms.
In addition to strategically investing in “laggards,” Wood’s belief in Bitcoin as a hedge against counterparty risk provides a look into her forward-thinking and aggressive investment approach, which continues to attract significant attention and controversy in the financial world.
