ARK’s Cathie Wood Says Bitcoin Looking ‘As Good as it Gets,’ On-Chain Metrics Looking Like a Bull Market
ARK Invest CEO Cathie Wood says that key metrics are confirming that Bitcoin (BTC) is in a true bull market.
“The health of the network is almost as good as it gets. And it seems like this is a bull market. Sure, we’ll have puts and takes. Nothing goes straight up. But I think there’s a flight to quality. [BlackRock CEO] Larry Fink used that expression. We call it a flight to safety.
You look at what happened during the regional bank crisis, Bitcoin went from $19,000 to nearly $30,000 as the KRE, the regional bank stock index was imploding. If you look at the bank stock index today, it is back down close to where it was in March. Larry might say flight to quality, which is good. It’s true. We would say flight to safety because there’s no counter-party risk in Bitcoin.”
Wood also says that she believes holding Bitcoin itself will deliver higher returns than investing in exchange-traded funds (ETFs) related to equities connected to Bitcoin. However, she also says there are likely digital asset-related equities that could yield massive gains as well, including companies that create digital wallets.
“We believe Bitcoin will be the better performer longer term. But this is a diversified exposure through equities. We’re trying to find the company that is going to produce the digital wallet. That will be a very important position. Is it Coinbase? Is it Square with Cash App?”
Bitcoin is trading for $36,256 at time of writing.
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