Cathie Wood Became A Bitcoin HODLer When Its Price Was $250
Cathie Wood covers several themes, and she once again criticizes the Fed’s decision-making. Bitcoin, in her opinion, is the finest insurance policy and a million-dollar concept.
Cathie Wood, ARK’s CEO and creator, was interviewed by What Bitcoin Did, one of the leading crypto-based YouTube podcast channels. She covered a number of issues with the presenter during this conversation.
Cathie Wood questioned the Fed’s decision-making uncertainties, her Ark Invest proposal, and some deflationary signs. She also discussed the significance of research for investment, the relevance of investing in innovative technology, and Greyscale Trust.
According to Wood, Art Laffer (a prominent economist) stated that Bitcoin might possibly be the asset that maintains the value of the US dollar:
Art did rip it apart, which was fantastic, and he came back to us and said, ‘I’ve been looking for this ever since we went off the gold exchange standard. It’s a rules-based monetary policy, rules-based monetary system.’ And he said… ‘It’s a rule and we need to get back to this.’ And I said to him, ‘Art, how big could this be?’ And he said, ‘Well, how big is the US monetary base?’
Now, Bitcoin was $250 at that time so roughly a $6 billion network value or market cap. I said, ‘It’s $4.5 trillion.’ He said, ‘There’s your answer.’
Cathie Wood claims that Laffer’s reaction inspired her to immediately put a lot of money into BTC:
“So I put, I don’t think I’ve disclosed this before, but I put $100,000 in. I don’t even know, and I wasn’t counting at the time. And I’ve kept it all. Because as soon as he said that, a light bulb went up.”
At the time of writing, BTC is trading at $19,320.
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