Cathie Wood’s Ark Investment Management has withdrawn from the race to launch a spot ether exchange-traded fund (ETF), as its name was removed from the application filed with 21shares. The ETF, now renamed 21shares Core Ethereum ETF, reflects Ark’s decision not to pursue the ether ETF at this time. Despite this, Ark remains committed to […]
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Ark CEO Cathie Wood Talks Bitcoin With El Salvador’s President — Applauds His Vision for BTC Hub
Cathie Wood, CEO of asset management firm Ark Invest, recently met with El Salvador’s President Nayib Bukele and discussed bitcoin. She praised his progressive approach to economic and educational reforms. “President Bukele’s determination to transform El Salvador into a hub for the bitcoin and AI communities — two of the most significant economic and technological […]
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Ark CEO Cathie Wood Sees Bitcoin as a Hedge Against Currency Devaluations and Rogue Regimes
Ark Invest CEO Cathie Wood sees bitcoin as a hedge against currency devaluations and wealth erosion. “I think this is an insurance policy against rogue regimes or against just horrible fiscal and monetary policies,” she explained, attributing the recent bitcoin price surge to a “flight to safety.” ‘I Think This Is a Flight to Safety’ […]
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Bitcoin Emerges as ‘Flight to Safety’ Asset, Outshining Gold, Says Cathie Wood
ARK Invest’s CEO Cathie Wood believes there is a shift in investment trends, specifically, a growing preference for bitcoin over traditional gold investments. This trend has been particularly pronounced following the launch of spot bitcoin ETFs, offering investors streamlined access to the cryptocurrency.
Cathie Wood Says Investors Are Shifting From Gold to Bitcoin Amid Financial Uncertainty
In a recent video on ARK Invest’s Youtube channel, CEO Cathie Wood said there is a significant shift among investors moving from traditional gold investments to bitcoin. This shift, according to Wood, has become increasingly apparent following the introduction of spot bitcoin exchange-traded funds (ETFs), providing a less cumbersome access to the cryptocurrency.
During a dialogue with Brett Winton, ARK’s chief futurist, Wood pointed to bitcoin’s remarkable resilience and growth, especially in times of financial instability. She recalled the instance of March 2023, when the U.S. faced a regional bank crisis, leading to a 40% surge in bitcoin’s value as the regional bank index plummeted. “Bitcoin shot up 40% as the KRE, the regional bank index, was imploding. And here again, the regional bank index is acting up, and we are seeing Bitcoin catch a bid again,” Wood stated, underscoring bitcoin’s emerging role as a “flight to safety” asset.
Wood shared a compelling chart illustrating bitcoin’s price in gold, showcasing a strong, long-term uptrend. This trend, she explained, signifies bitcoin’s ongoing process of partially replacing gold as a preferred investment choice. “This chart just shows you that even relative to gold, Bitcoin has been rising. There’s now a substitution into Bitcoin, and we think that is going to continue,” she remarked.
Addressing the volatility following the launch of spot bitcoin ETFs, including ARK 21shares Bitcoin ETF on January 11, Wood explained that the subsequent price correction was anticipated. Despite a 20% drop in bitcoin’s price post-launch, Wood remains optimistic, citing that 15 million of the 19.5 million bitcoin currently in circulation have not moved in over 155 days, suggesting a strong holding pattern among investors.
ARK Invest’s strategic movements in the cryptocurrency space extend beyond bitcoin. The firm has significantly invested in Coinbase stock (COIN), although it has scaled back its holdings since June 2023. As of now, ARK holds 7.187 million shares in Coinbase, valued at 3 million, reflecting its continued bullish stance on the crypto sector despite market fluctuations.
Do you agree with Woods that investors who usually would seek gold as an investment are beginning to shift to bitcoin? Share your thoughts and opinions about this subject in the comments section below.
ARK Invest CEO Cathie Wood Believes Bitcoin Will Overtake Gold, Here’s Why
ARK Invest Chief Executive Officer (CEO) and Chief Information Officer (CIO) Cathie Wood, has expressed her optimism about Bitcoin’s capabilities to potentially rise above gold, referring to the cryptocurrency as ‘the digital gold.’
Bitcoin Versus Gold
Appearing in a recent interview on ARK Invest’s official YouTube channel, Wood and ARK Invest’s Chief Futurist, Brett Winton, delved into a lengthy discussion about Bitcoin’s historical and most recent price movements in relation to gold.
Describing Bitcoin as both a “store of value” and a “risk off asset,” Wood emphasized the cryptocurrency’s notable rise, particularly when compared to gold. She shared a chart illustrating a Bitcoin to gold price ratio which revealed a robust and sustained upward trend for Bitcoin. This upward trajectory hints at the possibility of the cryptocurrency overtaking gold as a more valuable investment in the future.
Wood also discussed Bitcoin’s performance amid past economic crises. She highlighted a historical price pattern observed during the regional bank crisis in March 2023, noting that Bitcoin rose as high as 40% while the regional bank index, represented by KRE, was imploding.
Currently, the regional bank index is experiencing a similar crisis, and according to Wood, Bitcoin is following the same pattern by maintaining a steady ascent. She attributes this uptrend to the approval and introduction of 11 Spot Bitcoin ETFs into the cryptocurrency market.
As a result, Wood has categorized Bitcoin as a “flight to safety” investment asset, providing a space for individuals to store their funds against inflation and the effects of the economic crisis.
Spot Bitcoin ETFs Expected To Fuel Bitcoin Surge
After the approval and launch of Spot Bitcoin ETFs on January 10, 2024, Bitcoin faced an unexpected decline, relinquishing a significant portion of the gains accumulated during the pre-approval excitement. The cryptocurrency dropped from a 2023 all-time high of over ,000 to below ,000.
Wood explained that Bitcoin’s descent after the introduction of ETFs resulted from intense anticipatory buying before the launch of ETFs, with a subsequent “sell on the news” event driven by opportunistic traders.
Looking ahead, the ARK Invest CEO anticipates Bitcoin’s continued rise, propelled by the broader accessibility facilitated by Spot Bitcoin ETFs. She highlighted that Spot Bitcoin ETFs offered an easier and more inclusive avenue to access Bitcoin, attracting substantial inflows into the cryptocurrency as institutional investors actively participate in the market.
ARK Invest Pivots To Bitcoin As Cathie Wood Expects BTC Price To Explode
CEO of ARK Invest, Cathie Wood has shared her perspective on the approval timeline for Spot Bitcoin ETFs. She has also highlighted the significant impact the official authorization of Bitcoin ETFs would have on the price of BTC.
BTC Price Boom Predicted Following ETF Acceptance
Founder and CEO of American asset investment management firm, ARK Invest, Catherine Duddy Wood has recently appeared in an interview with Yahoo Finance. The live interview which was published via YouTube centers on Wood’s views and opinions regarding the potential approval of Spot Bitcoin ETFs and its effect on the price of BTC.
According to the ARK Invest CEO, the price of BTC could surge substantially if the United States Securities and Exchange Commission (SEC) approves Spot Bitcoin ETFs for institutional investors.
“What we think is going to happen here is that the SEC is going to be giving BTC, a spot bitcoin ETF, the green light for institutional investors to participate. I think a lot of institutions have been reticent before the SEC approves a spot bitcoin ETF to do very much at all in the crypto asset world,” Wood stated.
She added:
“All we need is for the trillions of dollars in institutional assets out there to allocate maybe 0.1% or 0.2% to an ETF, which will be one of the easiest ways to gain exposure and one of the most efficient ways to gain exposure to BTC. That will move the price significantly.”
Bitcoin ETF Approval Expected In January
During the interview, Wood outlined a timeline for the approval of Spot Bitcoin ETFs, predicting the potential approval dates for January.
“We do think it will be in January. Famous last words, don’t want to say we know anything, because we don’t. But it’s just the actions of the SEC that are leading us to that conclusion,” Wood said.
Despite the positive forecast, the ARK Invest founder also stated that if the US SEC remains undecided about Spot Bitcoin ETFs, then a BTC ETF may not be necessary.
“We don’t want a spot bitcoin ETF to get the green light if there are any uncertainties that the SEC may have. So I think we’re answering those uncertainties one by one, each of the filers for a spot bitcoin ETF. And I think the dialogues are very positive. I think the outlook is bright for a spot bitcoin ETF,” Wood stated.
Ark Invest CEO Cathie Wood Expects Spot Bitcoin ETFs to Boost BTC Price ‘Significantly’
Cathie Wood, CEO of Ark Investment Management, foresees widespread institutional involvement in spot bitcoin exchange-traded funds (ETFs) following anticipated approval by the U.S. Securities and Exchange Commission (SEC). “All we need is for the trillions of dollars in institutional assets out there to allocate maybe 0.1% or 0.2% to an ETF, which will be one of the easiest ways to gain exposure and one of the most efficient ways to gain exposure to bitcoin,” she explained, adding: “That will move the price significantly.”
Ark Invest CEO Cathie Wood on Spot Bitcoin ETF Approval
The CEO of Ark Investment Management (Ark Invest), Cathie Wood, shared her perspective regarding spot bitcoin exchange-traded funds (ETFs) in an interview with Yahoo Finance on Tuesday. Ark Invest is among the applicants seeking approval from the U.S. Securities and Exchange Commission (SEC) to launch a spot bitcoin ETF. The deadline for the securities regulator to make a decision on whether to approve or deny Ark’s application is Jan. 10.
Commenting on the SEC’s attitude regarding spot bitcoin ETFs, Wood opined: “Something did change within the last month to six weeks. After being denied several times by the SEC without hearing from anyone at the SEC, we and others we know have gotten questions from the SEC — very thoughtful, detailed, technical questions. That’s a very positive move. And it’s not just one set of questions. It’s follow-up questions. That is really good.”
The Ark Invest executive continued: “Now you ask if the SEC is data-driven. We have had the opportunity, as many others have, to meet a number of the research people within the SEC focused on crypto assets or digital assets.” She added:
We have found them to be extremely thoughtful, extremely knowledgeable and actually a great source of comfort frankly, because … we don’t want a spot bitcoin ETF to get the green light if there are any uncertainties that the SEC may have.
“So I think we’re answering those uncertainties one by one, each of the filers for a spot bitcoin ETF. And I think the dialogues are very positive. I think the outlook is bright for a spot bitcoin ETF.” In addition, Wood expressed that she believes the SEC will approve multiple spot bitcoin ETF applications in January. “We do think it will be in January. Famous last words, don’t want to say we know anything, because we don’t. But it’s just the actions of the SEC that are leading us to that conclusion,” Wood clarified.
The SEC is currently considering 13 spot bitcoin ETF proposals. The regulator met with several issuers many times recently to discuss their applications, including Ark Invest, Blackrock, Fidelity, and Grayscale Investments. The SEC reportedly gave them until the end of this week to file their amendments in order to be considered for the first wave of spot bitcoin ETF decisions.
Impact on Bitcoin’s Price
When asked whether she expects the price of bitcoin to continue to rise after the Jan. 10 deadline as it has been over the recent months, the Ark Invest executive replied:
Well, in the very short term, because of the big move we’ve had and it’s an anticipatory move based on the expectation that a spot bitcoin ETF will be approved — one or more, and it probably is more — so there has been a big anticipatory move.
“Those who have been moving in and enjoying some nice profits will probably, quote unquote, ‘sell on the news.’ That’s an expression that traders use. So you anticipate the event, bid up the price, and then sell on the news,” she explained.
Wood continued: “What we think is going to happen here is that the SEC is going to be giving bitcoin, a spot bitcoin ETF, the green light for institutional investors to participate. I think a lot of institutions have been reticent before the SEC approves a spot bitcoin ETF to do very much at all in the crypto asset world.”
She added: “All we need is for the trillions of dollars in institutional assets out there to allocate maybe 0.1% or 0.2% to an ETF, which will be one of the easiest ways to gain exposure and one of the most efficient ways to gain exposure to bitcoin.” The executive concluded:
That will move the price significantly.
“And just for some perspective here, right now we’re at 19.5 million bitcoin outstanding. The system is mathematically metered to stop at 21 million units. So scarcity value is beginning to have an impact, especially because as we look at long-term holders, those holding and not moving bitcoin for one year. Those are up to 15 million units or 15 million bitcoin,” Wood detailed.
Do you agree with Ark Invest CEO Cathie Wood? Let us know in the comments section below.
Cathie Wood’s ARK ETF Overhauls Bitcoin Portfolio: ProShares In, Grayscale Out – What’s The Strategy?
In a significant shake-up of its Bitcoin (BTC)-related holdings, Cathie Wood’s ARK Next Generation Internet exchange-traded fund (ETF) has made strategic changes as BTC ends the year with a significant 156% surge.
According to a Bloomberg report, the ETF sold all its remaining 2.25 million shares of the Grayscale Bitcoin Trust (GBTC) while acquiring 4.32 million shares of the ProShares Bitcoin Strategy ETF.
Caution As Reason For Exiting Grayscale Bitcoin Trust
According to Bloomberg, Wood cited caution as the reason behind the sale of the Grayscale Bitcoin Trust. The move was prompted by concerns that the anticipated conversion of the trust to a spot Bitcoin ETF might not receive approval from US regulators in early January.
Additionally, Wood highlighted the substantial reduction in the trust’s discount to its net asset value, which, combined with its price increase, influenced the decision.
Wood emphasized the unpredictability surrounding which Bitcoin-related offerings would gain regulatory approval, expressing optimism about Bitcoin while acknowledging the uncertainty ahead.
In this regard, Bloomberg ETF expert Erich Balchunas highlights that approximately 0 million of the proceeds were used to purchase the ProShares Bitcoin Strategy ETF (BITO), likely as a liquid transition vehicle to maintain exposure to Bitcoin while gradually transitioning into either ARKW or ARKB.
Interestingly, ARK has now become the second-largest holder of BITO, although Balchunas clarifies that this is a temporary parking spot. Blachunas emphasizes that institutions, including ARK, often employ highly liquid ETFs for transitions of this nature.
Balchunas also points out that this move aligns with the prediction made by Bloomberg a month ago, reflecting strategic foresight on ARK’s part.
According to Balchunas, this decision is smart as it allows ARK to boost its own ETF’s assets under management (AUM) while saving investors from incurring a significant expense ratio in the process.
Wood’s Long-Term Vision
Per the report, the reduction in holdings of the Grayscale Bitcoin Trust has been a gradual process for Cathie Wood, even as the price of Bitcoin surged to its highest level since April 2022.
Throughout 2023, Bitcoin more than doubled in value, with significant gains occurring towards the end of the year amid speculation that the Securities and Exchange Commission (SEC) would approve spot Bitcoin ETFs in the first days of January 2024.
During the Sohn Australia conference last month, Wood touted the Grayscale Bitcoin Trust as her top pick. However, recent developments have led to a shift in the ETF’s portfolio composition.
In addition to the changes involving Grayscale and ProShares, the ARK ETF also purchased 20,000 shares of the ARK 21Shares Active Bitcoin Futures Strategy ETF and sold 148,885 shares of the cryptocurrency exchange Coinbase Global, according to the fund’s report.
The ARK Next Generation Internet ETF has achieved an impressive 103% gain for the year, surpassing the 55% advance of the Nasdaq 100 Index.
It is worth noting that the fund’s performance has been characterized by significant volatility, experiencing declines of 19% and 67% in 2021 and 2022, respectively.
The leading cryptocurrency in the market is trading at ,800, exhibiting a sideways price movement over the past 24 hours. During this timeframe, there has been a marginal decrease of 0.3% in its value.
Featured image from Shutterstock, chart from TradingView.com
Crypto Market Cap To $25 Trillion: Cathie Wood Reveals The 2 Coins To Buy
Cathie Wood, CEO of Ark Invest, has reiterated her bullishness on the crypto industry. In a recent interview with CNBC’s “Squawk Box,” Cathie Wood argued that the crypto industry is poised to reach a trillion valuation, given a regulatory breakthrough in the US. Out of the multitude of digital assets on the market right now, Wood sees two cryptocurrencies driving much of that growth: Bitcoin and Ethereum.
Cathie Wood Predicts Trillion Crypto Ecosystem
The entire crypto industry has witnessed unprecedented growth since the middle of October. According to data from Coingecko, the entire crypto market cap has increased 35% from .096 trillion on October 15th to a current value of .4828 trillion.
However, Cathie Wood is of the notion that this growth isn’t over, and the industry will reach a trillion valuation in the near future. A trillion market cap means the industry would have to grow a whopping 1,585% from its current level.
Cathie Wood had predicted earlier in 2021 that Bitcoin would climb more than 10 times its value in the next five years, back when the asset was still trading around ,000. Given that Bitcoin is now selling at around ,000, the host of Sqwauk Box, Andrew Ross Sorkin, questioned Wood as to whether or not she still stands by her prediction.
“If we have this conversation in ‘25, ‘26, are you on track?” Sorkin asked. “Yes,” Wood replied.
The CEO did mention that this growth would be feasible only if there were a regulatory green light to allow financial institutions to participate in the cryptocurrency market. She also brought up the role that Spot Bitcoin ETFs will play in the projected spike, particularly BlackRock and Coinbase’s plan to offer a spot Bitcoin ETF in the US.
“I think BlackRock and Coinbase’s partnership is going to be very important,” she said.
Bitcoin And Ethereum The Ones To Look Out For
Wood specifically called out two coins to look out for as catalysts for this growth: Bitcoin and Ethereum, the two leading assets. This isn’t surprising, as these two assets have developed better price stability than most over the years.
“Our expectation is that the crypto asset ecosystem will be dominated [by Ether and Bitcoin], and it will scale from a little more than trillion today to trillion in 2030 as this new world develops,” Wood explains.
The ARK Invest CEO has been a long supporter of Bitcoin. In another interview, she said she would prefer to hold Bitcoin for 10 years over cash and gold. The CEO is also no stranger to Bitcoin price predictions, as she has previously said that BTC will go to 0,000 and even reach .48 million in the next seven years.
According to CoinShares’ latest report, investment products tied to digital assets just reached a yearly institutional inflow of .14 billion. The majority of this money (.083 billion) has gone into Bitcoin investment products. This could signal the beginning of large-scale institutional investor participation that Wood believes will propel the crypto market cap to trillion.
ARK Invest is also waiting for the SEC’s green light on its spot Ethereum ETF application. Approval of a Spot Bitcoin ETF by the SEC is expected to propel the crypto market into the next bull run.
Ark Invest CEO Cathie Wood Sees Crypto Market Exploding to $25 Trillion in 2030
Ark Invest CEO Cathie Wood says the crypto ecosystem will be dominated by bitcoin and ether and will scale from about trillion today to trillion in 2030. “The regulatory breakthrough is very important to bring institutions online,” said the asset manager, emphasizing that the partnership between Blackrock, the world’s largest asset manager, and the Nasdaq-listed crypto exchange Coinbase “is going to be very important.”
Cathie Wood’s Crypto Market Outlook: T by 2030
Cathie Wood, the CEO and CIO of Ark Investment Management (Ark Invest), discussed the future outlook for the crypto industry and the potential approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) in an interview with CNBC on Tuesday.
Wood is optimistic about the SEC approving spot bitcoin ETFs, pointing to “significant” changes in the current regulatory landscape compared to a year ago. She mentioned, “The SEC actually asked us questions,” referring to Ark’s spot bitcoin ETF application. Wood noted that Ark’s previous filings were rejected outright without any engagement. She further stated that the securities regulator also engaged with other applicants, such as Blackrock.
The CEO of Ark Invest continued: “The regulatory breakthrough is very important to bring institutions online effectively.” She emphasized, “Blackrock and Coinbase partnership is going to be very important,” referring to the agreement where Blackrock’s Ishares Bitcoin Trust will utilize Coinbase Custody as its custodian. Wood opined:
If you look at both ether and bitcoin, our expectation is the crypto ecosystem will be dominated by those two and that it will scale from a little more than trillion today to trillion in 2030.
Wood and her asset management firm have predicted that the price of bitcoin will hit .48 million. In February, Ark Invest presented three bitcoin price scenarios, projecting a base case of 2,800 by the end of 2030. The bull case envisioned BTC surging to .48 million within the same timeframe. In July, Wood expressed increased confidence in bitcoin’s price reaching .48 million.
The Ark Invest chief investment officer believes that the SEC will approve multiple spot bitcoin ETFs at once. She noted that Ark’s spot bitcoin ETF application has a final deadline of Jan. 10, so the SEC must either approve or deny it. In an interview with Bloomberg on Tuesday, Wood said:
What we think could happen … is by that time, they will approve not just one … because they don’t want to pick winners.
JPMorgan similarly said in September that it expects the SEC to approve multiple spot bitcoin ETFs at once. According to SEC Chairman Gary Gensler, the securities regulator is currently considering between eight and 10 spot bitcoin ETF applications.
What do you think about the prediction by Ark Invest CEO Cathie Wood about spot bitcoin ETFs and the crypto market exploding to trillion in 2030? Let us know in the comments section below.