Cathie Wood said that her confidence in Bitcoin surging rapidly because of “uncertainty and volatility”.
ARK Investment Management LLC ( or simply ARK Investment) is an American fund management firm based in St. Petersburg, Florida. This company manages several actively managed exchange-traded funds (ETF). The majority of the investment by this firm is focused on Bitcoin & crypto firm stocks.
On 8 June 2023, Ark invest CEO & founder Cathie Wood appeared in an interview with Bloomberg. In the interview, Wood indirectly talked about the strict enforcement actions initiated by the United States Securities Exchange Commission (SEC) against top regulated crypto companies and sudden up & down because of those regulatory actions.
Wood said that her confidence increased more because of the “regulatory uncertainty & volatility”. She said that Bitcoin is an antidote to counterparty risks and also said that it is the best hedge against inflation.
Further Wood once again talked about her past Bitcoin price prediction and said that she is still confident with her prediction that Bitcoin will hit $1 million by 2030.
Ark invests & Coinbase (COIN)
American regulated public crypto exchange Coinbase (COIN) received a Wells notice from the US SEC in late March of this year, which confirmed that the SEC body will soon initiate a lawsuit against this firm.
Many experts said that it was not safe to go with Coinbase (COIN) investment.
Just a couple of days ago, the SEC body finally sued the Coinbase exchange, and that caused a nearly 15% downfall in the COIN share price.
On this matter, Wood said that she is confident with Coinbase & she expects that Coinbase will come out from these legal hurdles & score a win against the SEC body.
COIN trade price
The current trade price of COIN shares is 15.67% down over the last week of trade price.
The sudden dump in COIN trade price can be seen in the graph, which occurred on 6 June just after the announcement of a lawsuit by the SEC against the Coinbase exchange.