Ark Investment’s CEO says, Bitcoin is Bigger Idea than Apple

Nishanth Shetty

Nishanth Shetty

December 30, 2017 11:11 am

Ark Investment's CEO says, Bitcoin is Bigger Idea than Apple | Coindelite News
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Bitcoin News

Catherine Wood, CEO of Ark Investment Management, told CNBC that bitcoin is a “bigger idea” than Apple.

Catherine said:

“I know a lot of people say, ‘don’t compare this to Apple, which is nearing a trillion dollars, but this is so much bigger than even Apple, which is a pretty big idea.”

She told her fund cannot own bitcoin directly. So in 2015, Ark Investment Management bought shares of the Bitcoin Investment Trust. At that time, Bitcoin was trading less than $250. But this month, it as close to $20,000.

BIT Expected to Triple

Wall Street strategist Tom Lee foretells that the Bitcoin Investment Trust could triple in value by 2022 if his bitcoin price predictions prove to be correct.

At present, the Bitcoin Investment Trust – the flagship product of Barry Silbert’s Grayscale Investment is the only publicly-quoted bitcoin investment vehicle in the U.S market which is available to institutional investors. Most of the firms that have applied for bitcoin ETFs, GBTC holds the underlying assets directly rather than trading in derivatives contracts.

Ark is on the Progress

ARK Investment Management LLC recently took a new position on Facebook Inc. The company gained 65,981 shares of the social networking company’s stock, valued at around $7,591,000. Facebook comprises 2.8% of ARK Investment Management LLC’s holdings, making the stock its 10th largest position.

Wood founded ARK in January 2014, after completing 12 years as the chief investment officer of Global Thematic Strategies for Alliance Bernstein managing over $5 billion AUM.

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