2021-04-01 19:07:08
Ark Invest CEO Cathie Wood argues that Bitcoin is a real new asset class that first appeared since the 1600s.
Cathie Wood, CEO of asset management firm Ark Invest, argued in a virtual conference announced yesterday, $ 1 trillion is just the beginning of the crypto market. Ms. Wood said:
“If we add up all potential demand versus limited supply, we will come up with astonishing numbers in the long run. We’re just getting started. $ 1,000 billion is nothing compared to the final figure. “
She added that one of the most surprising developments recently – something Ark did not expect when the company was preparing its institutional reporting – is that large investment institutions have begun to diversify their cash reserves. with Bitcoin. Ms. Wood explained:
“We’ve seen Square do this, Tesla does, I mean MicroStrategy is defining its business around Bitcoin. And one of the reasons, as Tesla announced yesterday, is that it wants to do Bitcoin business in regions of the world. […] where converting from one fiat to another is extremely expensive. ”
This is because Bitcoin has become the “first truly new asset class” to emerge recently with low correlation with other markets, she argues. So it’s appealing because this is exactly the kind of unrelated asset investors in all sectors are looking for.
“We believe that Bitcoin is the first new asset class, a truly new asset class since the 1600s – since stocks. So we’re very excited about it. “
At the same time, Ms. Wood urged US investors not to sell and transfer their BTC until the Internal Revenue Service provided them with appropriate guidance. Ms. Wood added:
“The IRS has something to say about this, so if you get a big return on your Bitcoin, I don’t think I’ll have a lot of influence in the way we trade until we can get it. some tax changes. ”
As reported by CHK, US Federal Reserve Chairman Jerome Powell recently said that Bitcoin is “essentially an alternative to gold”.
CHK aggregated
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