Cryptocurrency

Cathie Wood $100k Bitcoin investment reportedly made over $7M profit

Zegex

Kathy Wood, investment manager and founder of Ark Investments, revealed in an interview on Oct. 21 that she made a $100,000 investment when Bitcoin (BTC) sold for $250. Did. what bitcoin did.

kure blockchain report A return of $7 million or more on the investment.

According to her, Bitcoin’s market cap was around $6 billion at the time she invested. According to CryptoSlate data, BTC’s market cap is currently at $369.78 billion.

Wood continued that he decided to invest in Bitcoin after reading a white paper on Satoshi Nakamoto’s wealth and seeing the rule-based monetary policy the paper endorsed.

Wood described BTC as a profound innovation of our time. she added:

“[Bitcoin]is the first global, private, digital rules-based currency system, which means there is no government oversight.”

In her opinion, demand for bitcoin remains high as the search for alternative financial models increases. This is the reason why

Bitcoin’s price has fallen by about 70% in the last year. The fortune hit an all-time high of $68,692 for him in November 2021, but is struggling to regain that high this year.

As to why her investment fund did not buy Bitcoin directly, she clarified that the investment fund can only invest in securities, so she decided to invest through Grayscale Bitcoin Trust (GBTC).

Meanwhile, Wood’s ARK Investments predicted that Bitcoin will be worth over $1 million by 2030. According to the company, the asset will see increased adoption across countries, with a market capitalization of around $30 trillion.

Posted In: Bitcoin, People

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