Cathie Wood Discusses Bitcoin's Price Fluctuations and Investment Strategy

On February 8, ARK Invest CEO Cathie Wood commented on Bitcoin's recent price movements. According to BlockBeats, Wood noted that Bitcoin's value had dropped to around $60,000, nearly halving from its peak in October. She highlighted the correlation between Bitcoin and gold returns since 2019, stating that the correlation coefficient is only 0.14, indicating minimal correlation. Wood suggested that gold often rises before Bitcoin, a trend that might occur again. Wood emphasized that ARK Invest discloses its trading activities daily, revealing a gradual and modest increase in investments related to cryptocurrency stocks. She acknowledged the uncertainty surrounding the duration of the downturn and whether it has concluded. However, Wood advised that when negative sentiment is extremely high, and if their research is accurate, it is prudent to enter the market in batches and gradually increase holdings.