Cathie Wood, founder and CEO of Ark Invest Management, told Bloomberg that he remained “very positive” about Bitcoin, the largest cryptocurrency by market cap. Wood described the major correction in the past two days as “healthy”:
“We are very positive about Bitcoin, very happy to see a healthy correction here, no market is flat. Everyone should know this. For days like this, everyone should have an unspent cash reserve waiting to be deposited. ”
The famous investor did not mention whether Ark bought Bitcoin from the bottom. As of now, the company owns more than 7.31 million shares of Grayscale Bitcoin Trust. The leading cryptocurrency surged to a high of $ 51,000 earlier today, after dropping below $ 45,000 yesterday. The bulls’ bullish move was helped by mobile payment company Square, which announced the purchase of $ 170 million worth of Bitcoin.
In addition, Wood believes that the main use case for Bitcoin is a safeguard against wealth confiscation, whether it is a protection against overinflation or a direct seizure of money.
“We see a lot of use cases for Bitcoin, but probably the most important use case is a worldwide insurance policy against wealth confiscation.”
Ark CEO also named Bitcoin as the best hedge against inflation. It would not be wrong to say that the famous CEO has turned into a much louder Bitcoin supporter. Wood also advises investors to put five percent of their wealth in cryptocurrency.