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ARK Investment Management‘s Cathie Wood Says bitcoin (btc) Is a Better Deflation Hedge Than Gold or Cash, Bloomberg bitcoin–btc-is-digital-gold-as-deflation-hedge”>reported.
“bitcoin is a hedge against inflation and deflation because there is no counterparty risk and institutions barely participate,” Wood said, speaking on Bloomberg’s “Merryn talks about money” podcast. “It is digital gold.”
Wood expects a deflationary phase in the coming years as new technologies, including artificial intelligence, robotics and blockchain, help generate greater efficiencies that drive down prices, a theory he has promoted for a couple of years even. when markets worry about rising inflation.
btc will benefit from ai, Cathie Wood says
Wood has been an active proponent of btc since 2021 and believes that the leading cryptocurrency will benefit from the further growth of new technologies such as artificial intelligence (ai), electric vehicles, robotics, genomic sequencing and blockchain technology.
On the podcast, Wood revealed that he anticipates a convergence between ai and bitcoin that “will enable global microtasking and a division of labor in a way we can’t even imagine now.”
Cathie Wood makes a bold prediction
Even though btc failed to act as a hedge against one of the largest consumer price increases since the early 1980s, Wood remained optimistic about btc‘s long-term prospects. This was after she went as far as to bitcoin-is-going-to-1-million-%E2%80%94-what-does-she-know-that-we-don-t-1032581011#:~:text=Wood’s%20Bitcoin%20Price%20Target%3A%20Over,during%20her%20exclusive%20Benzinga%20interview.”>predict that the price of btc will surpass the million dollar mark in the next decade.
Set to Benefit from bitcoin Spot ETF Approval
ARK is among a group of reputable asset management companies that are perfectly positioned to benefit from the approval of a spot bitcoin ETF (exchange-traded fund). Forest The company has filed its own bitcoin Spot ETF application alongside 21Shares and has also invested in Grayscale bitcoin Trust (GBTC).
Last November, ARK bought a substantial amount of GBTC shares when they were trading at a 40% discount. This big buildup has made Wood’s firm the largest holder in the fund and generated around 224% year-to-date returns for the asset manager, even after he sold some of his GBTC shares last month.
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