Renowned stock picker and founder of asset management giant Ark Invest, Cathie Wood, deemed Bitcoin’s (CRYPTO: BTC) breach of the $100,000 mark a “big deal” on Sunday, hailing the leading cryptocurrency’s rising prominence in the world of finance and investing.
What happened: In a video shared on X, Wood recalled how Ark Invest published a Bitcoin whitepaper back in 2015 when the asset was valued at just around $250.
Wood remembered her early lessons from renowned economist Arthur Laffer in collaboration with whom Ark released the whitepaper.
“I said to Arthur that sounds like a big idea. How big could it be? And he said at that time, ‘Well, how big is the U.S. monetary base? That’s the reserve currency of the world. This seems to be the new reserve currency of the world.'”
Wood emphasized that, in addition to being perceived as the next reserve currency, Bitcoin might be viewed in a variety of different ways.
“It’s a substitute for gold, a store of value,” Wood stated. She also called the asset an “insurance policy” in emerging markets for populations who are used to corruption, collapses in currencies, and outright confiscation of wealth or capital controls.
Wood viewed Bitcoin as an ideal hedge against any form of uncertainty that could affect high-net-worth individuals.
“All fiduciaries have to look at this new asset class, and so we think it could become, you know, 2 to 5 or 6% of portfolios,” the veteran investor added.
Why It Matters: CEO Wood has previously expressed bullish sentiments about Bitcoin, predicting a potential surge to a per-unit price of $3.8 million by 2030. Although not impossible, it’s unlikely for BTC to achieve these numbers any time soon.
Wood has also joined the call for a strategic Bitcoin reserve, which President-elect Donald Trump advocated for during his campaign trail.
Ark Invest was among the handful of players that launched a spot Bitcoin exchange-traded fund, namely ARK 21Shares Bitcoin ETF (BATS:ARKB), earlier this year. As per SoSo Value, it was the fourth-largest Bitcoin fund as of this writing.
Price Action: As of this writing, Bitcoin was trading at $99,438.47, down 0.16% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
