Cathie Wood
‘Wall of worry’ led to digital wallets, blockchain tech ignored: Cathie Wood
ARK Invest CEO Cathie Wood believes that digital wallets and blockchain tech were among the “game-changing innovations” that the equity markets largely ignored in 2022. In a Jan. 12 blog post on the ARK Invest website, Wood suggested that the equity market faced a “wall of worry” in 2022, caused by fears of entrenched inflation and higher interest rates and largely ignored some innovative technologies. Wood highlighted that digital wallets are “replacing cash and credit cards,” noting that they overtook cash as the top transaction method for offline commerce in 2020. Further arguing that digital wallets should not be overlooked, Wood noted that they also accounted for approximately 50% of global online commerce in 2021. After the most difficult year ever in the equity market for inno...
SBF ‘didn’t like’ decentralized Bitcoin — ARK Invest CEO Cathie Wood
Bitcoin (BTC) is too “decentralized and transparent” for former FTX CEO Sam Bankman-Fried, says Cathie Wood. In a tweet on Dec. 10, Wood, who is CEO of investment giant ARK Invest, delivered a fresh damning appraisal of the FTX saga. Wood: SBF “couldn’t control” Bitcoin As the legal ramifications of FTX and Bankman-Fried, also known as SBF, continue, Bitcoin loyalists are giving him little sympathy. ARK’s Wood is now firmly among them, not mincing her words as BTC price action continues to trade around 20% down over the month. “The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players,” she wrote. “No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.” Wood linked to ARK Invest’s...
Bitcoin clings to $17K as ARK flags ‘historically significant capitulation’
Bitcoin (BTC) and decentralized blockchains are “as strong as ever” in the wake of the FTX meltdown, ARK Invest says. In the latest edition of its monthly newsletter, “The Bitcoin Monthly,” the investment giant came out firmly bullish on BTC. ARK: FTX scandal may be “most damaging event” ever With BTC price volatility ebbing into December, the industry is still reeling from ongoing FTX contagion. As lawmakers only begin to get to grips with the events, when it comes to Bitcoin, ARK is doubling down on its conviction — and setting it firmly apart from centralized alternatives. “The fall of FTX could be the most damaging event in crypto history,” one of the latest report’s “key takeaways” states. While acknowledging that even Digital Currency Group (DCG) — one of whose products, ...
Cathie Wood’s ARK Invest adds more Bitcoin exposure as GBTC, Coinbase stock hit new lows
Bitcoin (BTC) firms’ shares are a major “buy” for asset manager ARK Invest in the midst of the FTX meltdown. The latest data confirms that ARK continues to up its holdings of both exchange Coinbase (COIN) and the Grayscale Bitcoin Trust (GBTC). Cathie Wood buys the dip With FTX contagion still rippling through the crypto industry, ARK’s decision to add exposure to two firms caught in the firing line stands out. According to numbers supplied by CEO Cathie Wood’s dedicated tracking resource, Cathie’s Ark, the firm added 176,945 GBTC shares on Nov. 21. These join a larger tranche of 273,327 shares from Nov. 15, that purchase completed just a week after FTX fell apart. ARK Invest GBTC holdings chart (screenshot). Source: Cathie’s Ark Since then, GBTC has come under the spotlight as ...
Elon Musk, Cathie Wood sound ‘deflation’ alarm — Is Bitcoin at risk of falling below $14K?
Bitcoin (BTC) has rebounded by 20% to almost $22,500 since Sept. 7. But bull trap risks abound in the long run as Elon Musk and Cathie Wood sound an alarm over a potential deflation crisis. Cathie Wood: “Deflation in the pipeline” The Tesla CEO tweeted over the weekend that a major Federal Reserve interest rate hike could increase the possibility of deflation. In other words, Musk suggests that the demand for goods and services will fall in the United States against rising unemployment. A major Fed rate hike risks deflation — Elon Musk (@elonmusk) September 9, 2022 Typically, rate hikes have been bad for Bitcoin this year. In context, the period of the Fed raising its benchmark rates from near zero in March 2022 to 2.25%–2.50% in August 2022 has coincided wi...
Cathie Wood’s Ark Invest dumps PayPal, favoring Bitcoin-friendly Cash App
Crypto investment company Ark Invest founder Cathie Wood has dumped all of the firm’s holdings of PayPal and showed greater confidence in the long-term growth of the Cash App payment system which uses the Bitcoin (BTC) Lightning Network. Wood explained her firm’s move at the Miami Bitcoin 2022 conference which wrapped up on Saturday. The Lightning Network (LN) is a layer-2 solution for Bitcoin meant to facilitate faster and cheaper transactions. Financial technology company PayPal operates the payment app Venmo as a direct competitor with Block’s (formerly Square) Cash App. “@ARKInvest has sold, completely got out of Paypal, whose Venmo is a big competitor to Cash App. (Cash App has) much more conviction – especially when it comes to bitcoin.” pic.twitter.com/mUGkdWGMFX — M...
