1 year ago
ARK Invest CEO Cathie Wood has expressed that the company’s assurance successful Bitcoin reaching a terms of $1.5 cardinal wrong the adjacent decennary has increased.
On Bloomberg TV connected July 17, Wood commented that the aftermath of the determination banking situation successful March has made ARK’s “bull case” for Bitcoin progressively likely.
According to Wood, the banking situation resulted successful investors flocking to Bitcoin, adjacent amidst a wide meltdown successful the banal market. This “flight to safety” caused Bitcoin to rally to astir $30,000 from $19,000, which shows that the flagship crypto has go a viable safe-haven asset, overmuch similar gold.
Wood believes Bitcoin volition proceed to found itself arsenic an “insurance policy” and that “everyone volition privation it astatine the extremity of the day.”
Insurance against wealthiness confiscation
Wood argued that consumers would yet privation Bitcoin to support against unfair confiscation of wealth, which tin hap straight via authorities involution oregon indirectly done inflation. The proviso of Bitcoin cannot beryllium altered by cardinal banks, making it an charismatic mode to store wealthiness and hedge against inflation, Wood argues.
Meanwhile, successful a deflationary scenario, Bitcoin’s transparent quality serves arsenic a hedge against counterparty risk, which was a starring origin down the 2008 fiscal crisis.
Wood said:
“We won’t person an 08-09 with Bitcoin, everything is decentralized, nary obfuscation.”
Thoughts connected Coinbase, SEC, Ripple
Wood besides shared her views connected the SEC’s lawsuit against Coinbase and clarified that the lawsuit had thing to bash with ARK selling its holdings of the stock’s exchange.
She said the institution is taking profits connected its Coinbase stake aft the banal recovered from the dive it took pursuing the SEC action.
She elaborated that the worth of Coinbase banal took a important deed pursuing erstwhile the suit became nationalist but did not autumn to caller lows and ARK continues clasp a “very positive” stance toward the asset.
Wood besides expressed her optimism astir exchanges apt prevailing against SEC lawsuits, pointing to the caller court ruling successful Ripple’s lawsuit against the SEC arsenic a large factor.
The station Cathie Wood, ARK Invest inactive expect $1.5M Bitcoin aft US banking crisis appeared archetypal connected CryptoSlate.
English (US) 