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Ark Invest CEO Cathy Wood has argued that Bitcoin is the first new asset class to actually appear since the 17th century.
Mar 28, 2021 at 2:09 a.m. UTC · 2 minutes Read
Cathy Wood, CEO of asset management firm Ark Invest, has argued that a Bitcoin (BTC) market value of over $ 1 trillion is just the beginning of discovering the price of the cryptocurrency. Virtual conference Posted yesterday. Wood said:
If we add up all the potential demand relative to the limited supply, we come up with unbelievable numbers in the long run. We are just getting started. A trillion dollars is nothing compared to where this will be in the end. “
She added that one of the most surprising developments recently – which Ark had not anticipated when the company was preparing its corporate report – is that large corporate corporations have begun to diversify their cash reserves with Bitcoin.
“We’ve seen Square do that, Tesla does, and in MicroStrategy’s words, I mean, it’s limiting its business around it now. And one of the reasons, as Tesla announced yesterday, is that it wants to do business in Bitcoin in regions of the world.” […] Where the conversion from one currency to another is very expensive. “
A really unrelated new asset class
It argued this is because Bitcoin has become the “first truly new asset class” to emerge recently and have a low correlation with other markets. Hence, it is attractive because this is precisely the type that unrelated asset investors are looking for in all sectors. Wood noted:
“We already believe [Bitcoin] It’s the first new asset class, a truly new asset class since the 17th century – since stocks. So we are very excited about that. “
Meanwhile, Wood urged US investors to refrain from selling and transferring their bitcoins until the Internal Revenue Service provides them with appropriate guidance. Wood added:
“The IRS has something to say about this, so if you have huge gains in your bitcoins, I don’t think I’m going to put up much in the way of transactions until we get some changes on the tax front.”
Like Cryptoclite I mentioned, Jerome Powell, the chair of the United States Federal Reserve, said that recently Bitcoin is a “primary alternative to gold.”
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