Catherine Wood Says Bitcoin is the First Global Digital Currency Based on Rules

Key Takeaways:

  • Catherine Wood stated that Bitcoin is the first global private digital currency system based on rules.
  • During an appearance on a panel last year, Cathie Wood weighed in on her support for Bitcoin.
  • In September 2021, Wood predicted that Bitcoin’s value would reach $500,000 in five years.
  • Despite the fact that some in the cryptocurrency community have lost interest in Bitcoin, she remains a staunch supporter of it.
Catherine Wood Says Bitcoin Is The First Global Digital Currency Based On Rules
Catherine Wood Says Bitcoin is the First Global Digital Currency Based on Rules

Catherine Wood, the founder, CEO, and chief investment officer of Ark Invest, stated that Bitcoin is the first global private digital currency system based on rules. In China, all coin miners have ceased operations. Governments do not encourage it, and some countries in other parts of the world do not accept Bitcoin. We believe that emerging markets will have a polarised attitude, either banning it or welcoming it; for example, El Salvador agrees and encourages it; in Turkey, there is a kind of black market existence; and the government is currently struggling as a result of the currency crisis.

We all know that they should eventually ban the existence of Bitcoin, so with similar problems popping up all over the world, everyone is taking a different approach to dealing with them. She also stated that the economy will experience a V-shaped recovery in 2022, a trend that has been mirrored in the global economy since the epidemic. With the Great Recession, the world is now in trade and risk, or the risk of a global recession, and we don’t know if it will enter a recession. But we now know that the current inventory construction is much stronger than before, much stronger than anyone anticipated, and this situation is more visible in the commodity industry.

In the United States, we see that consumption of goods accounts for one-third of total consumption, but due to the epidemic’s crisis situation, all we can consume is goods. As a result, it is a transitional consumption in terms of commodities. As a result, commodity consumption, particularly consumption of these durable goods and consumables, is much higher than before the epidemic, accounting for 10-12 per cent of total consumption. Shifting to services, we may see repeat orders, sometimes triple orders, over the past year, because distributors have been unable to meet consumer demand for goods.

During an appearance on a panel last year, Cathie Wood, the wildly successful money manager known for making a large bet on Tesla, weighed in on her support for Bitcoin, explained why her Ark Invest firm has sold nearly all of the Chinese stocks it previously owned and discussed what her firm is buying now. In September 2021, Wood predicted that Bitcoin’s value would reach $500,000 in five years. Despite the fact that some in the cryptocurrency community have lost interest in Bitcoin, she remains a staunch supporter of it.

She said that “There’s a sense that the Web3 world is evolving away from Bitcoin and Ether into cheaper, faster” cryptocurrencies. But they forget that the more features and the more centralization you have…you’re talking about recreating Visa. That is, recreating an old structure in a new form. Wood said she’d been “hearing that Bitcoin is so yesterday. I think that’s a big mistake. Look at what’s going on in El Salvador.”

Chaahat Girdhar
Chaahat Girdhar

I'm Chaahat Girdhar, a journalist by profession who's turning her dreams into vision and vision into reality. I'm curious and have an appetite for gaining new knowledge. So I'm looking forward to learning things in the better way possible.

Newsletter

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!