Wood addressed concerns raised by figures like Jim Cramer, Jamie Dimon, and Peter Schiff, asserting Bitcoin's intrinsic value. She highlighted the cryptocurrency's security, noting its network outpaces the combined cloud size of Amazon, Google, and Microsoft.
"We think this is one of the most important investments of our lifetimes," Cathie Wood says on bitcoin. https://t.co/SGp4yK2U6K pic.twitter.com/97IHj4G63s
— CNBC (@CNBC) January 23, 2024
The strategic moves by Ark Invest under Wood's guidance include liquidating ProShares Bitcoin Strategy ETF shares and acquiring Ark 21Shares Bitcoin ETF units. This reallocation aligns with the plan to increase holdings in the spot Bitcoin ETF.
Wood's comments were prompted by Yassine Elmandjra's post on Bitcoin's hash rate achievement, surpassing even the world's most powerful supercomputer. Wood anticipates significant price surges as institutions adopt Bitcoin, envisioning a path to a million-dollar token.
In the current $40,000 to $43,000 range, Wood foresees reaching milestones with institutions allocating 2% to 5% of Bitcoin in their portfolios. This strategic move could pave the way for Bitcoin's effortless ascent.