When the price of Bitcoin collapsed to a two-year low and hovered around US$16,000, Ark Invest, a well-known trader and nicknamed “Goddess of Stocks” and “Sister Wood” by the market, recently increased its stake. Bet on cryptocurrencies and buy 176,000 shares of GBTC.
Ark Investment has always been the buyer of Grayscale Fund’s flagship bitcoin trust product Grayscale Bitcoin Trust (GBTC). Although GBTC’s discount to Bitcoin has reached a record 45% recently, it still bought 176,000 shares worth About $1.5 million.
Further reading 👉🏻👉🏻👉🏻 Why is GBTC discounted by 45% and people are not rushing to buy it, but are still afraid that it will be the next thunderstorm?
In addition, Ark Investment also bought 315,000 shares of GBTC last week, worth about 2.8 million US dollars. As of now, the company holds a total of 6.4 million GBTC shares, worth about $53 million.
Cathie Wood: Bitcoin can reach $1 million by 2030
At the same time, Cathie Wood made a bolder bet that the price of Bitcoin will soar to $1 million by 2030.
Cathie Wood was asked in an interview with Bloomberg that she had predicted that the price of Bitcoin would soar to $1 million in the past. She said that she was not intimidated by the recent bear market in cryptocurrencies and stocks, and she still stood by the above bets.
Cathie Wood said that the recent collapse of FTX, as well as events from other major cryptocurrency companies, will only help the “battle test” of Bitcoin’s infrastructure and theme. Bitcoin, she said, would get out of that rut.
While Cathie Wood herself is not skeptical of bitcoin, she said the situation could cause institutions to hesitate before stepping into the space, but may end up feeling more comfortable investing in bitcoin.
However, investors should still have reservations about Ms. Wood’s statement. While she says the bear market is just a battle-tested test for bitcoin and proves that the network is more resilient and therefore more valuable in each cycle, her recent picks haven’t been winning out.
The ARK Invest Innovation ETF (ARK Invest Innovation ETF) has collapsed about 79% since its price peak, while Bitcoin has also fallen 79% since its all-time high at the end of last year.
If according to Sister Wood’s prediction, Bitcoin can rise to $1 million in 2030, it means that Bitcoin must rise by more than 60,000% (more than 60 times) from the current bear market low within 8 years.
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