Cathie Wood from Ark is pleased with a healthy Bitcoin correction as the cryptocurrency returns to $ 51,000.
Cathie Wood, founder and CEO of ArkInvestment Management, stated during a phone call with Bloomberg that the asset manager remained “very positive” about Bitcoin, the largest cryptocurrency by market cap.
Wood described the major fix over the past two days as a “healthy” fix:
We are very positive about Bitcoin, we are very happy to see a healthy correction here. No market is flat. Everyone should know this.
The famous investor did not mention whether Ark bought the drops. As of now, Grayscale owns more than 7.31 million shares of Bitcoin Trust.
Earlier today, the flagship cryptocurrency surged to a high of $ 51,000 earlier today after falling below $ 45,000 yesterday.
The bulls were helped by mobile payments company Square, which announced that it had purchased $ 170 million worth of Bitcoin.
The most important use case
Wood believes the main use case for Bitcoin is a safeguard against excessive inflation or a safeguard against wealth confiscation, whether it is a direct seizure of money.
We’re seeing a lot of use cases for Bitcoin. But probably the most important use case is a worldwide insurance policy against wealth confiscation.
Ark boss also named Bitcoin as the best hedge against inflation. After Tesla’s $ 1.5 billion purchase, he turned into a much louder supporter of the cryptocurrency.
He advises investors to put five percent of their wealth in cryptocurrency.