Noted Bitcoin evangelist Cathie Wood is marking a milestone today.
As noted by Bitcoin Historian Pete Rizzo on X, this week marks the eighth anniversary of Cathie Wood’s decision to make Ark Invest the first U.S. exchange-traded fund (ETF) to invest in Bitcoin when its price was a mere $200 to $300 per coin.
At that time, Bitcoin was still a relatively uncharted territory for traditional investment vehicles like ETFs. However, Wood’s decision to include Bitcoin in ARKW’s portfolio was groundbreaking and reflected her belief in the potential of the digital currency.
Wood remarked at the time:
“We believe the bitcoin platform could be as big as the Internet platform, which, in its early days, also faced tests associated with illicit activities. We would prefer to invest after, rather than before, such tests. We have been impressed that the bitcoin price has stabilized in the $200-300 range. It could have imploded but has survived.”
Though the exact figure can’t be known, Bitcoin has witnessed an astronomical increase in value since that time, surging by roughly 12,000%. This remarkable growth has solidified Bitcoin’s position as a significant asset class, capturing the attention of institutional and retail investors alike.
Cathie Wood and Ark Invest have remained at the forefront of cryptocurrency adoption and innovation. Their ongoing commitment to Bitcoin includes educational efforts like white papers, investment in Bitcoin companies like Coinbase, and public appeals for regulatory clarity around the sector, particularly around Bitcoin ETFs.
For example, Ark is one of roughly 10 applicants for a Bitcoin Spot ETF alongside BlackRock, Fidelity, and the vehicle it used to purchase its cryptocurrency, the Grayscale Bitcoin Investment Trust (GBTC). Already Bitcoin Futures ETFs are publicly trading and have been so since 2021.
Still, while Wood is known as a Bitcoin bull, she was notably on the sidelines for some time, first posting on X that Bitcoin could “go viral” in 2013 when it was fighting to rebound from its $1,000 high that year.
As Bitcoin continues to evolve and reshape the financial landscape, Wood’s early recognition of its potential and her contributions to the industry have left an indelible mark on the world of finance.
Time will tell if her Wall Street peers will follow.
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