Bitcoin‘s recent price drop has given many investors the chance to accumulate BTC at a relatively low price. Ark Investment Management, a wealth management firm led by Cathie Wood, announced that it has purchased almost $ 20 million worth of Bitcoin.
20 million dollar bitcoin purchased
The time of the investment was not disclosed, but the statement included the following:
“Ark Invest, a hedge fund focused on innovative development, purchased Bitcoin worth $ 19,872,939, according to a file submitted to the US Securities and Exchange Commission.”
Wood has long believed in the value of Bitcoin and recently said that the $ 1 trillion market value of the asset is “very low compared to where it will eventually reach.”
Other institutions can do the same
Ark’s decision to buy may indicate that other knowledgeable institutions are planning to do the same.
Blockchain data reveals that major investors remain optimistic about long-term prospects and are accumulating cryptocurrencies. Cathie Wood also said that Bitcoin could grow after the recent price drop. These dips are not uncommon and are often evaluated during bull running. That’s why sophisticated investors come back to save.
Institutions such as Tesla, Meitu, Square, and others have also made significant Bitcoin investments lately.