Noted Bitcoin enthusiast and founder of Ark Invest, Cathie Wood, is celebrating a significant milestone this week. It has been eight years since Wood made the groundbreaking decision to include Bitcoin in the portfolio of Ark Invest, making it the first U.S. exchange-traded fund (ETF) to invest in the digital currency when its price was only $200 to $300 per coin.
At the time, Bitcoin was still relatively unexplored territory for traditional investment vehicles like ETFs. However, Wood saw the potential of the digital currency and believed in its future. She commented, “We believe the bitcoin platform could be as big as the Internet platform, which, in its early days, also faced tests associated with illicit activities. We would prefer to invest after, rather than before, such tests. We have been impressed that the bitcoin price has stabilized in the $200-300 range. It could have imploded but has survived.”
Since that time, Bitcoin has experienced an astounding increase in value, surging by approximately 12,000%. This remarkable growth has established Bitcoin as a significant asset class, attracting institutional and retail investors alike. Cathie Wood and Ark Invest have continued to lead the way in cryptocurrency adoption and innovation, actively engaging in educational efforts, investing in Bitcoin companies, and advocating for regulatory clarity around the sector, including the establishment of Bitcoin ETFs.
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