Cathie Wood on Bitcoin - WBD570
The Peter McCormack Show
Peter McCormack
4.7 • 2.8K Ratings
🗓️ 21 October 2022
⏱️ 69 minutes
🧾️ Download transcript
Summary
Cathie Wood is the founder, CEO and CIO of Ark Invest. In this interview, we discuss investing in disruptive technologies, the importance of research for investment, deflationary signals, uncertainty in the Fed's decision-making, and Ark's continued bullish outlook for Bitcoin.
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Back in 2015, Cathie Wood's Ark Invest became the first public fund manager to invest in Bitcoin. This was a very early trade for an institutional basis, prior to some of the major news events that have led others to have followed Ark in recent years. But this is Ark's business, identifying nascent technologies that could serve to be the basis for real societal change.
Cathie Wood's business strategy is to get into the detail of the markets they're interested in. This means research by informed analysts who can unpick the strengths, weaknesses, opportunities and threats for each specific industry. Any bullish statement they make is based on hard business data, not just an extrapolation of financial performance.
The elephant in the room for Ark is that their Innovation ETF is down 75% from its highs in the early part of 2021. This has placed Ark and Cathie in the firing line of commentators. And for every negative article or tv piece, there will be a line of nervous investors seeking reassurance. This is when research pays off - it matters when you have a strong narrative to fall back on if you want to maintain investor confidence.
So, when Ark makes statements about Bitcoin we should all take note, as they're not in the market for unwarranted hyperbole. Well, they remain one of the biggest cheerleaders for Bitcoin within the institutional space. Ark followed up a bullish prediction for Bitcoin's valuation at the beginning of this year by doubling down on their forecast a few weeks ago: they are expecting a $1 million per coin valuation in the coming years.
In an interview with Bloomberg earlier this month, Ark stated Bitcoin is in "an arms race" against traditional finance and asset classes. Ark is confident of Bitcoin's ability to be at the heart of a revolution in money given its multiple use cases. Seeing as their fund has tracked the performance of the S&P500 over the past few years, despite it being an extended and brutal bear market for tech stocks, you wouldn't bet against them getting this call right.
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Transcript
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| 0:00.0 | My background is both economics and finance, so I feel very confident in what I'm saying. |
| 0:10.3 | You know, this is the first global, private, meaning no government oversight, |
| 0:15.7 | digital, rules-based, monetary system. |
| 0:18.7 | When I'm explaining it like that, I ask everyone to listen to each of those words. Each one of them is very |
| 0:25.8 | important and this is one of the most profound innovations of our time. |
| 0:31.6 | Hello there from a very rainy Bedford I've just been woken up by a crazy |
| 0:35.6 | thunderstorm loads of lightning loads of thunder and I've got a set off in a seven hour |
| 0:40.4 | drive now to Edinburgh which isn't the best weather for it but I can't |
| 0:43.4 | wait to get up there the UK Bitcoin Conference is happening and they've put together |
| 0:46.7 | an amazing set of speakers so yes looking forward to seeing any of you up there |
| 0:50.0 | and if you want to get some rail bit of a merch I've loaded up my car I will be there I will be |
| 0:54.0 | selling my merch come and say hello and hopefully you can get a beer with some of you I'll |
| 0:58.2 | probably need that after a seven hour drive anyway welcome to the what bit coined in |
| 1:01.6 | podcast which is brought to you by Gemini, the only place I'm using for buying Bitcoin. |
| 1:05.6 | I'm your host, Peter McCormack, and today I've got an amazing interview, something I've been working on for a very long time. |
| 1:10.6 | I've got Kathy Wood from Ark Invest on the show. Now this is a show I've |
| 1:14.6 | wanted to make for so long. Now Ark Invest have had a difficult, what do you say |
| 1:19.8 | a difficult year? Some of the things they've been invested in haven't done so well, you know, |
| 1:24.0 | they've seen a drop in the value of their E. T.F. But they are a fund that invested in some of the |
| 1:29.0 | most innovative world-changing technology. So naturally there's going to be speculation |
| 1:33.2 | cycles with this but Kathy is somebody I've wanted to talk to for a long time |
| 1:36.9 | I want to understand why she invested in such disruptive technologies because even |
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