Cathie Wood, the founder of Ark Invest and one of the strongest Bitcoin promoters around the world, said that she holds a Bitcoin (BTC) position of $7 million after buying $100,000 in BTC when it was traded at $250 per coin. At current prices, this is more than $7 million. Her investment came after the advice of Arthur Laffer. She said that at a recent interview with Peter McCormack, one of the most popular podcasters in the crypto industry.
Cathie Wood Owns BTC Valued at Over $7 Million
Cathie Wood, one of the most recognised Bitcoin supporters, said that she purchased 400 BTC when they were worth $250 per coin. She paid $100,000 for these coins when the digital currency was still in its infancy. Arthur Laffer suggested Cathie Wood to do so when he was teaching at the University of Southern California.
Ark Invest is a company that focuses on investments in disruptive companies and sectors. It allows clients to invest in long-term growth opportunities in the public markets. Ark Invest is also offering multiple exchange traded funds (ETFs) and other products for investors.
This shows that Cathie Wood believes in Bitcoin and digital currencies. Let’s not forget that Bitcoin has been in multiple bull and bear cycles in which most long-term holders have already sold their positions. BTC has moved from $250, to over $1,000 and then to $20,000. In November 2021, Bitcoin reached an all-time high of $69,000 while we are not at a price per coin of $19,500.
During the interview, she discussed other topics such as investments in disruptive technologies, the importance of research for investments, deflationary signals, uncertainty in the FEd’s decision-making and many other things. Moreover, she confirmed Ark’s bullish position on Bitcoin and how the largest digital currency in the market could continue growing in the coming years.
Cathie Wood has also talked about Bitcoin compared to traditional financial markets over the last few months. She explained that while traditional financial markets have made new lows in recent weeks, Bitcoin and other digital currencies have remained relatively stable. Despite being below $20,000 Bitcoin has not made new lows in the most recent months.
Moreover, she has also talked about how investors are going into fixed income and safety such as cash or bonds and leaving risk assets.
About Bitcoin and Ark’s investment strategy she said:
“The S&P and Nasdaq have broken their lows. After the volatility in May, it’s held in much better. It hasn’t hit new lows, it’s in a range like our strategy is. During a bear market, and towards the end of a bear market, our strategy starts outperforming.”
According to CoinGecko, Bitcoin is being traded at $19,275 at the time of writing this article. In the last 24 hours, Bitcoin surged by 0.5% and it fell by 0.1% in the last hour. Its market capitalization is currently at $370 billion and it could experience some volatility in the near future.