Bitcoin's Dip Doesn't Faze Cathie Wood: 'Backed By The Largest Computer Network'
Portfolio Pulse from Khyathi Dalal
Cathie Wood, CEO of Ark Invest, remains bullish on Bitcoin despite its recent 5% decline, citing the cryptocurrency's backing by the world's largest computer network. Yassine Elmandjra of ARK Investment Management supports this view, noting Bitcoin's hash rate and performance compared to supercomputers. Wood's firm has invested in the ARK 21Shares Bitcoin ETF (ARKB), and she shares a similar sentiment to Michael Saylor of MicroStrategy (MSTR) regarding Bitcoin's value as a secure digital asset. Despite potential short-term sell pressure, the upcoming halving event is anticipated to be bullish for Bitcoin.
January 19, 2024 | 9:20 pm
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POSITIVE IMPACT
ARK Invest, led by Cathie Wood, has invested in the ARK 21Shares Bitcoin ETF (ARKB), showing confidence in Bitcoin's long-term value despite recent price declines.
Cathie Wood's public endorsement of Bitcoin and her firm's investment in ARKB suggest a positive outlook for the ETF. Her influence and ARK's investment strategy could attract more investors to ARKB, potentially increasing its price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Michael Saylor, executive chairman of MicroStrategy, has previously expressed a view similar to Cathie Wood's on Bitcoin, which could reflect positively on MSTR as a company heavily invested in Bitcoin.
MicroStrategy's significant investment in Bitcoin and Saylor's agreement with Wood's bullish stance on the cryptocurrency could lead to increased investor confidence in MSTR, especially among Bitcoin proponents.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60