Bitcoin Is The Ultimate Deflation Safeguard, Says Cathie Wood
Portfolio Pulse from Mehab Qureshi
ARK Investment Management CEO Cathie Wood has advocated for Bitcoin as a defense against deflation over the next decade. She perceives Bitcoin as 'digital gold' and forecasts its growth alongside breakthrough technologies. Wood's firm, in partnership with 21Shares, has applied for a Bitcoin ETF and has invested in the Grayscale Bitcoin Trust (GBTC), although they sold some of their GBTC holdings last month. 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.
November 03, 2023 | 9:44 am
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ARK Investment Management has invested in GBTC but sold some of their holdings last month. The 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.
ARK Investment's actions of selling some GBTC holdings last month and previously in October 2023 indicate a mixed strategy towards GBTC. While the firm has invested in GBTC, the selling of holdings could potentially impact GBTC's price. However, Cathie Wood's endorsement of Bitcoin and the firm's application for a Bitcoin ETF could have a positive impact on GBTC in the long term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80