Bitcoin Is Far Bigger Idea Than Apple or Amazon
This is the right train of thought and foresight!
Cathie Wood, the founder of global asset management company ARK Investment, says Bitcoin has more upside potential as the leading crypto asset is a much bigger idea than tech giant Apple or Amazon.
In a new Yahoo Finance interview, Wood explains why she believes Bitcoin and other cryptocurrencies have a bright future.
“We have been expecting institutions to start moving into Bitcoin and other crypto assets, but primarily Bitcoin, the most secure of the blockchains, because if you look at the correlation of Bitcoin’s performance relative to any other asset class, it has the lowest correlation, meaning if you buy some Bitcoin, you will further diversify your portfolio and increase your returns with lower risk.
Institutions look for that low correlation. Bitcoin has it. That’s clear. We have 10 years of history now.”
In terms of technological impact, the ARK Invest executive believes Bitcoin is a much larger force than Amazon or Apple.
“Bitcoin is roughly a $600 billion dollar market cap, so not even half the size of Apple or Amazon, put it in perspective and yet it has a really big idea. I think a much bigger idea than Apple or Amazon. It’s the first truly global, digital currency out there and it is completely decentralized. There’s no throat to choke…
When China basically shut down the exchanges in China that dealt in crypto, especially Bitcoin, that activity just moved over to Japan, Thailand and Korea – other countries that wanted to move ahead in this innovation space. They did not want to miss this next big thing.”