ARK Funding Administration‘s Cathie Wood says Bitcoin (BTC) is a greater deflation hedge than gold or money, Bloomberg reported.
“Bitcoin is a hedge against both inflation and deflation because there’s no counterparty risk, and institutions are barely involved,” mentioned Wood, talking on Bloomberg’s “Merryn Talks Money“ podcast. “It’s digital gold,”
Wood expects a deflationary section in coming years as new applied sciences together with synthetic intelligence, robotics and blockchain assist generate better efficiencies that convey costs down, a concept she’s promoted for a few years at the same time as markets fear about rising inflation.
BTC To Profit From AI, Cathie Wood Says
Wood has been an energetic advocate for BTC since 2021 and believes that the main cryptocurrency will profit from the broader development in new applied sciences corresponding to synthetic intelligence (AI), electrical autos, robotics, genomic sequencing and blockchain know-how.
On the podcast, Wood revealed that she anticipates a convergence between AI and Bitcoin that can “enable micro tasks globally and a division of labor in a way we can’t even imagine now.”
Cathie Wood Makes Daring Prediction
Regardless of BTC failing to behave as a hedge towards one of many greatest consumer-price surges because the early Nineteen Eighties, Wood remained optimistic in direction of BTC’s long-term prospects. This was after she went so far as to predict that BTC’s worth will surpass the $1 million mark inside the subsequent decade.
Poised to Revenue From Spot Bitcoin ETF Approval
ARK is amongst a bunch of respected asset administration companies which might be completely positioned to learn from the approval of a Spot Bitcoin ETF (exchange-traded fund). Wood’s agency has submitted its personal spot Bitcoin ETF software alongside 21Shares and has additionally invested within the Grayscale Bitcoin Belief (GBTC).
Final November, ARK bought a considerable quantity of GBTC shares once they have been buying and selling at a 40% low cost. This massive accumulation has made Wood’s agency the most important holder within the fund and has yielded round a 224% return thus far for the asset supervisor, even after it offered some its GBTC shares final month.
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