Ark Invest's Wood Increased a $100,000 Bitcoin Stock to $7M
WikiBit 2022-10-25 20:11According to Cathie Wood, she bought bitcoin on the suggestion of Reagan-era economist Arthur Laffer when it was going for $250 and now owns more than $7 million worth of it.
In a podcast discussion with Peter McCormack titled “What Bitcoin Did,” the CEO of ARK Investment Management provided the information the other week. She continued by mentioning her $100,000 investment in bitcoin, which is currently worth over $7 million. Wood did not specify when she got the cryptocurrency, but based on the price it was trading at, it was probably sometime during 2015. She continued by saying that none of the original investment had been sold.
At the University of Southern California, Wood's professor Laffer had encouraged her to become interested in Bitcoin. Laffer informed her that he was searching for Bitcoin, a rules-based money system, “ever since we went off the gold standard.”
When Wood questioned Laffer about the potential size of Bitcoin, Laffer responded: “how big is the US monetary base？” The US dollar's value was $4.5 trillion at that time, and the market capitalization of Bitcoin was about $6 billion.
Wood's investment of $1,000,000 has yielded a whopping profit of over $7.6 million when based on the current price of roughly $19,250.
She co-founded the company, but hasn't had the same extent of success with it because, until lately, they couldn't utilize ARK funds for anything other than investing in securities.
Innovative and disruptive investments are the main emphasis of ARK Investment Management. The company's valuation increased during the 2020 stock market boom thanks to the handsome returns on its investments in underperforming technological companies, which drew a significant quantity of money to its exchange-traded funds (ETFs).
Despite the fact that ETFs can only invest in stocks, Ark started looking into ways to buy bitcoin using services like the Grayscale Bitcoin Trust, and has already added them to many funds.
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