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As Bitcoin Rallies Back to $51K, Ark's Cathie Wood Says She's "Very Positive" on It

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Wed, 02/24/2021 - 06:26
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Alex Dovbnya
Ark's Cathie Wood is happy about a healthy Bitcoin corrections as the cryptocurrency recovers to $51,000
As Bitcoin Rallies Back to $51K, Ark's Cathie Wood Says She's "Very Positive" on It
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During a phone interview with Bloomberg, Cathie Wood, founder and CEO of ArkInvestment Management, mentioned that her asset manager remained “very positive” on Bitcoin, the largest cryptocurrency by market capitalization.

Wood described its major correction that took place over the past two days as a “healthy” one:

We’re very positive on Bitcoin, very happy to see a healthy correction here, no market is straight up. Everyone should know that. Everyone should have some dry powder for days like these.

The famed investor didn’t mention whether Ark had bought the dip. As of now, it holds over 7.31 million shares of the Grayscale Bitcoin Trust. 

Earlier today, the flagship cryptocurrency rebounded to the $51,000 level earlier today after plunging below $45,000 yesterday.

The bulls were aided by mobile payment company Square announcing its $170 million Bitcoin purchase during its earnings call. 

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The most important use case  

Wood believes that Bitcoin’s main use case is being a hedge against wealth confiscation, whether it’s a hedge against rampant inflation or an outright seizure of money.  

We see so many use cases for Bitcoin, but, probably, the most important use case is an insurance policy around the world against the confiscation of wealth.

The Ark boss further named Bitcoin as the best hedge against inflation. She’s turning into a much more vocal supporter of the cryptocurrency following Tesla’s $1.5 billion purchase.

She advises investors to put five percent of their wealth into the cryptocurrency. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.