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ARK CEO Cathie Wood Calls Bitcoin The “Biggest Of All Crypto Ideas”

Cathie Wood, the CEO of ARK Invest, a tech-focused investment management company, expresses unwavering confidence in Bitcoin (BTC) despite the recent market downturn triggered by the “sell the news” phenomenon.

Bitcoin experienced a four-month consecutive climb following a victory by the Bitcoin asset manager Grayscale against skeptical federal regulators in a court case. This development instilled confidence in the market that a Bitcoin exchange-traded fund (ETF) would soon be launched in the United States. However, once the ETF finally debuted earlier this month, the bullish momentum of the asset quickly reversed.

In an interview with CNBC on Wednesday, Wood stated, “We are enthusiastic about Bitcoin being now available within the ETF framework, making it highly accessible at very affordable prices.”

Wood’s investment firm is the owner of one of the nine new Bitcoin ETFs that debuted on January 11th. After just eight days of trading, this fund has accumulated assets totaling $480 million.

The CEO acknowledged the anticipated “sell the news” event following the ETF launch and pointed out that the troubled crypto exchange, FTX, had already sold nearly $1 billion worth of shares in the Grayscale Bitcoin Trust (GBTC).

She stated, “I think some people expected Bitcoin’s price to remain more stable than it has, but this hasn’t affected our perspective in any way.”

Wood continued to emphasize the significance of Bitcoin as “one of the most crucial investments of our lifetimes,” underscoring its unique role as a global, rule-based monetary system. She also added, “We believe it is the most significant among all the cryptocurrency concepts out there.”

Bitcoin VS Altcoins

Bitcoin’s inception can be traced back to a group of cryptographers aiming to create a more equitable form of currency in response to the bank bailouts during the 2008 financial crisis. Prominent figures in the financial world, such as BlackRock CEO Larry Fink, now refer to it as “digital gold,” highlighting its unique feature of having an unchangeable supply capped at 21 million coins.

Fidelity, a fund manager renowned for its popular Bitcoin ETF, released a report in January 2022 asserting that Bitcoin should be viewed as distinct from other digital assets. However, both Fidelity and BlackRock are eagerly awaiting regulatory approval to launch spot Ethereum ETFs, indicating their interest in expanding their crypto offerings.

In a similar vein, Franklin Templeton has adopted a multi-chain approach to cryptocurrencies. The asset manager has even symbolically embraced the crypto community’s “laser-eyes” meme in its profile picture on a platform, signifying its commitment to monitor and support networks beyond just Bitcoin, Ethereum, and Solana.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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