Noted Bitcoin evangelist Cathie Wood is celebrating a significant milestone today. This week marks the eighth anniversary of Wood’s decision to make Ark Invest the first U.S. exchange-traded fund (ETF) to invest in Bitcoin when its price was only $200 to $300 per coin. This move was groundbreaking at the time, as Bitcoin was still relatively uncharted territory for traditional investment vehicles like ETFs. However, Wood’s belief in the potential of the digital currency led her to include it in ARKW’s portfolio.
“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,” Wood remarked at the time.
Since then, Bitcoin has experienced an astronomical increase in value, surging by approximately 12,000%. This remarkable growth has solidified Bitcoin’s position as a significant asset class, attracting the attention of institutional and retail investors alike.
Wood and Ark Invest have remained at the forefront of cryptocurrency adoption and innovation. They have engaged in educational efforts, invested in Bitcoin companies like Coinbase, and advocated for regulatory clarity in the sector, particularly regarding Bitcoin ETFs. Ark is one of the applicants for a Bitcoin Spot ETF, alongside BlackRock, Fidelity, and the Grayscale Bitcoin Investment Trust (GBTC). Bitcoin Futures ETFs have already been publicly trading since 2021.
While Wood is known as a Bitcoin bull, she was initially on the sidelines, posting in 2013 that Bitcoin could “go viral” when it was struggling to rebound from its $1,000 high that year.
As Bitcoin continues to reshape the financial landscape, Wood’s early recognition of its potential and her contributions to the industry have made a lasting impact. It remains to be seen if her Wall Street peers will follow suit.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀