Cathie Wood, founder, CEO, and chief investment officer of Ark Invest stated that Bitcoin is the first global private digital currency system, which is based on rules. In a summit hosted by the Global Wealth Management Forum’s 2022 “New Economic and Financial Landscape under the Shared Global Recovery”, the exec spoke in detail on the stance adopted by different nations pertaining to Bitcoin adoption.
Citing the example of China where the majority of miners have already left for crypto-friendly shores owing to its administration crackdown. Wood also mentioned some parts of the world are yet to warm up their stance on digital assets, although their attitude is not as harsh as that of the Chinese government. The CEO then went on to mention the current crisis in Turkey where she predicted the likelihood of a blanket ban as opposed to El Salvador building an entire economy out of the king coin.
We think emerging markets will have a polarized attitude, either ban it or welcome it, for example, El Salvador agrees, encourages it, in Turkey, there is a kind of black market existence, the government is currently due to the currency Crisis, struggling. We know that eventually, they should ban the existence of Bitcoin, so now seeing similar problems all over the world, everyone is choosing a different way to deal with it. We are in some countries where Bitcoin is unstoppable.
Cathie Wood is known to make bold predictions. Besides that, the exec is in constant pursuit of finding new ways to invest in crypto assets.
Cathie Wood’s Ark ETF rake in 6.93M shares of SPAC
Cathie Wood’s Ark Invest has reportedly bought nearly 6.9 million shares of the special purchase acquisition firm or SPAC, that is merging with Circle, for $70.6 million through the company’s ARK Fintech Innovation exchange-traded fund [ETF]. According to MarketWatch, this purchase would represent a new position for the ETF.
Wood-backed Ark Invest’s ETFs have a long history of making big purchases in the crypto industry. Previously the investment management entity bought $80 million Robinhood shares after the prices retreated back in October 2021. Wood remained bullish on crypto despite not investing in the first futures BTC ETF that same month.