Wood predicted that, due to the enormous demand for a different financial paradigm, Bitcoin’s market valuation would continue to expand at the same rate as the US monetary base.
In an interview for What Bitcoin Did published on October 21st, investment manager and founder of Ark Invest Cathie Wood said that she invested $100,000 in Bitcoin (BTC) when it sold for $250.
Over $7 million was claimed as profit by Wu Blockchain from the investment.
She claims that she invested when the market cap of Bitcoin was around $6 billion. At the time of writing, the market cap for Bitcoin was $369.78 billion, according to figures provided by CryptoSlate.
When Wood heard about Bitcoin’s rule-based monetary policy in Satoshi Nakamoto’s whitepaper, she was convinced to invest in the cryptocurrency.
Wood called Bitcoin a “historic breakthrough” in his analysis. Also, she said
“(Bitcoin) is the first global private -meaning no government oversight- digital rules-based monetary system.”
She thinks that people are more interested in Bitcoin because it represents a viable alternative to the current monetary system. Because of this, she has been holding the most prominent digital assets despite their dramatic drop in value over the past 12 months.
In the past year, the value of bitcoin has dropped by almost 70%. In November 2021, the asset’s value reached a record high of $68,692. However, it has been unable to surpass that level this year.
When asked why her fund invested via Grayscale Bitcoin Trust rather than buying Bitcoin directly, she explained that investment funds were restricted to purchasing securities (GBTC).
Meanwhile, Wood’s ARK Investment estimated that Bitcoin’s value would reach over $1 million by 2030. The company forecasts that the asset will see widespread use across countries, leading to a market worth of roughly $30 trillion.
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