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ARK Funding Administration‘s Cathie Wooden says Bitcoin (BTC) is a greater deflation hedge than gold or money, Bloomberg reported.
“Bitcoin is a hedge towards each inflation and deflation as a result of there’s no counterparty danger, and establishments are barely concerned,” mentioned Wooden, talking on Bloomberg’s “Merryn Talks Cash“ podcast. “It’s digital gold,”
Wooden expects a deflationary part in coming years as new applied sciences together with synthetic intelligence, robotics and blockchain assist generate larger efficiencies that carry costs down, a concept she’s promoted for a few years at the same time as markets fear about rising inflation.
BTC To Profit From AI, Cathie Wooden Says
Wooden has been an energetic advocate for BTC since 2021 and believes that the main cryptocurrency will profit from the broader progress in new applied sciences reminiscent of synthetic intelligence (AI), electrical autos, robotics, genomic sequencing and blockchain expertise.
On the podcast, Wooden revealed that she anticipates a convergence between AI and Bitcoin that may “allow micro duties globally and a division of labor in a manner we are able to’t even think about now.”
Cathie Wooden Makes Daring Prediction
Regardless of BTC failing to behave as a hedge towards one of many largest consumer-price surges because the early Nineteen Eighties, Wooden remained optimistic in direction of BTC’s long-term prospects. This was after she went so far as to predict that BTC’s value will surpass the $1 million mark throughout the subsequent decade.
Poised to Revenue From Spot Bitcoin ETF Approval
ARK is amongst a bunch of respected asset administration companies which might be completely positioned to profit from the approval of a Spot Bitcoin ETF (exchange-traded fund). Wooden’s agency has submitted its personal spot Bitcoin ETF software alongside 21Shares and has additionally invested within the Grayscale Bitcoin Belief (GBTC).
Final November, ARK bought a considerable quantity of GBTC shares after they have been buying and selling at a 40% low cost. This huge accumulation has made Wooden’s agency the biggest holder within the fund and has yielded round a 224% return thus far for the asset supervisor, even after it offered some its GBTC shares final month.
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