Wood defends Bitcoin, highlighting its value and robust security. She emphasizes its network surpasses tech giants’ cloud size.
ARK Invest CEO Cathie Wood recently expressed her views on Bitcoin, saying that it is one of the most important investments of our lifetimes.
It is worth noting that, under Wood’s leadership, Ark Invest actively manages a spot Bitcoin ETF in collaboration with 21Shares.
Cathie Wood Discusses Bitcoin’s Security
In a recent CNBC interview, Wood highlighted Bitcoin’s robust security infrastructure, emphasizing its reliance on the world’s largest computer network.
Despite earlier criticism from prominent financial industry figures, such as CNBC’s Jim Cramer, JPMorgan CEO Jamie Dimon, and Peter Schiff, Wood’s recent statements directly address these critiques.
She provides a counterargument that emphasizes Bitcoin’s intrinsic value and, more importantly, its high level of security. She points out that Bitcoin’s network surpasses the combined size of the clouds constructed by Amazon, Google, and Microsoft over the past 15-20 years.
On January 23, Ark Invest, under Wood’s guidance, liquidated 585,915 ProShares Bitcoin Strategy ETF (BITO) shares for approximately $12 million. The proceeds were then utilized to acquire 360,830 units of Ark 21Shares Bitcoin ETF (ARKB) valued at $14.5 million.
Wood continued her strategic reallocation by removing ProShares Bitcoin Strategy ETF from ARK Next Generation Internet ETF (ARKW). This step aligns with the plan to increase Ark 21Shares spot Bitcoin ETF holdings.
On January 22, ARKW sold 648,091 BITO units, redirecting the funds to purchase 523,541 ARKB units. Ark Invest intends to continue acquiring ARKB spot Bitcoin ETF units until the targeted value is reached. A previous report highlighted that ARKW had procured 1.04 billion ARKB units, amounting to $43 million, following the initiation of trading for the ARKB spot Bitcoin ETF on Wall Street.
Hash Rate Achievement and Network Dominance
Cathie Wood’s remarks were prompted by a post from Yassine Elmandjra, Ark Invest’s Director of Digital Assets, where Bitcoin’s hashrate was highlighted, reaching an impressive 500 exahashes/s. Elmandjra presented compelling statistics, demonstrating that BTC outperforms the world’s most powerful supercomputer by a factor of 500 in raw operations per second.
Earlier, highlighting the scarcity factor, Wood mentioned that she anticipates a significant price surge as institutions increasingly adopt Bitcoin, leading to a substantial increase in value. She emphasized that the path to a million-dollar token requires more trust.
Currently situated in the $40,000 to $43,000 range, Wood envisions reaching this milestone with institutions allocating 2% to 5% of Bitcoin in their asset portfolios, foreseeing an effortless ascent to that target.