- Ark Invest CEO Cathie Wood continues her bullish predictions for Bitcoin
- Amidst global economic turbulence, Wood’s confidence seems to be increasing.
- Discussing the legal battles of Binance and Coinbase, Wood distinguished the two and stated that they are “in no way in the same category.”
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Cathie Wood, CEO of ARK Invest, which invested a huge amount in Coinbase, made significant statements after the SEC lawsuits.
Wood Has Not Lost Confidence in Bitcoin
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Despite the presence of an increasingly uncertain regulatory environment around cryptocurrency, Ark Invest CEO Cathie Wood continues her bullish predictions for Bitcoin, raising her target to $1 million.
Amidst global economic turbulence, Wood’s confidence seems to be increasing. In a recent interview, she emphasized that the “uncertainty and volatility” in global economies further strengthens her belief in Bitcoin. She sees Bitcoin as a protection against inflation and counterparty risk.
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Discussing the legal battles of Binance and Coinbase, Wood distinguished the two and stated that they are “in no way in the same category.” While the SEC quickly filed lawsuits against both companies, Wood emphasized the sharp difference between their situations.
While Binance faces allegations of fraud and other criminal activities, Coinbase’s fundamental issues are related to security and staking, which are much less serious charges compared to Binance.
Furthermore, Wood sees Binance’s regulatory hurdles as an advantage for its competitor Coinbase. While Binance struggles with regulatory oversight, Wood believes that Coinbase’s competition has effectively decreased, which could be beneficial for Coinbase in the long run. In addition, the transparency and reduced counterparty risk offered by Bitcoin’s blockchain system contribute to Wood’s sustainable confidence in the cryptocurrency market.
Wood believes that Coinbase has not been “accused of the same level of violations” as Binance, despite SEC Chairman Gensler’s efforts to lump them together. While acknowledging that there are still questions about Coinbase’s security and staking, she argues that most of the issues faced by Binance are not valid.
ARK Invest Increases Investment in Coinbase
ARK Invest Management doubled its investment in the cryptocurrency exchange Coinbase Global (COIN) as the second-largest shareholder after the SEC filed a lawsuit against the publicly traded crypto exchange.
ARK Invest purchased 419,324 shares of Coinbase, which were worth approximately $21.6 million at Tuesday’s closing price of $51.61 per share. This purchase was shared among ARK’s Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF funds.
This purchase is the first since May 3 and increases ARK’s total Coinbase shares to 11.44 million, valuing the position at approximately $590 million.