Cathie Wood’s Bullish Case on Bitcoin Supported by Elon Musk
Cathie Wood, the CEO of Ark Invest, has reaffirmed her optimistic outlook on Bitcoin, with Elon Musk agreeing with her. Wood praises the Bitcoin network, emphasizing that it surpasses the combined size of the cloud infrastructure created by Amazon, Google, and Microsoft over the past two decades.
Elon Musk Reacts to Cathie Wood’s Comments on the Bitcoin Network
Cathie Wood recently stated that Bitcoin is supported by the largest computer network globally, reiterating her bullish stance on the cryptocurrency. She argues that the Bitcoin network is larger than the collective size of Amazon, Google, and Microsoft’s cloud infrastructure built over the last 15-20 years.
Wow
— Elon Musk (@elonmusk) January 19, 2024
Wood references Yassine Elmandjra, Ark Investment’s director of digital assets, who shared data indicating that Bitcoin’s hash rate reached a record high of over 500 exahashes/s in January. Elmandjra explains that the Bitcoin network performs approximately 5 billion computations per second for every star in our galaxy. The magnitude of this network is highlighted by comparing it to the hash rate that could be achieved if every person in the world performed one hash per second, which would take around 2000 years to match.
Ark Invest Shifts Holdings to Ark 21Shares Spot Bitcoin ETF
On January 18, ARK Next Generation Internet ETF (ARKW) sold $15 million worth of ProShares Bitcoin Strategy ETF (BITO) shares and used the proceeds to purchase an equal value of Ark 21Shares spot Bitcoin ETF (ARKB) shares. The move demonstrates Ark Invest’s commitment to increasing its holdings in the spot bitcoin ETF.
The price of BITO closed at $19.72, down 4.64%, while ARKB closed 4.46% lower at $40.95.
Ark Invest has consistently shown its dedication to the spot bitcoin ETF, as it previously sold a significant number of BITO shares to acquire ARKB shares valued at $15.8 million. Additionally, ARKB recorded an inflow of $41.8 million, while a total outflow of $131.6 million was observed across 11 spot Bitcoin ETFs, including a massive outflow of $579.6 million from GBTC.
In December, ARKW purchased 4.32 million shares of BITO by divesting its holdings in Grayscale Bitcoin Trust (GBTC).
Hot Take: Cathie Wood and Elon Musk Join Forces in Support of Bitcoin
Cathie Wood’s bullish case on Bitcoin finds support from none other than Elon Musk himself. Wood’s assertion that the Bitcoin network surpasses the size of major cloud infrastructures built by Amazon, Google, and Microsoft has impressed Musk, who responded with a simple “Wow” on Twitter.
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