Ark CEO Catherine Wood: Crypto Idea Seems To Be Bigger Idea Than Apple

Catherine Wood, CEO of Ark Investment Management, told CNBC that Bitcoin is a bigger idea compared to Apple. The statement was given by Catherine: “I KNOW A WHOLE LOT OF INDIVIDUALS WOULD SAY ‘DO NOT COMPARE THIS TO APPLE, WHICH IS NEARING A TRILLION DOLLARS, BUT THIS SO MUCH BIGGER THAN EVEN APPLE, WHICH IS A PRETTY BIG IDEA. She stated her funds can’t hold Bitcoin directly. In 2015, Ark Investment Management purchased shares of the Bitcoin Investment Trust. Bitcoin at the time was trading below $250. In the month of December, it was close to $20,000. BIT Expected To Triple Wall Street strategist Tom Lee predicted that the Bitcoin Investment Trust could triple in value in the year 2022 if his Bitcoin price forecasts prove to be accurate. At this point of time, Bitcoin Investment Trust is the major product of Barry Silbert’s Grayscale Investments and is the only publicly quoted Bitcoin Investment vehicle in the U.S. marketplace accessible to institutional investors. Unlike the majority of the firms that have employed for Bitcoin ETFs, GBTC retains the underlying assets directly rather than investing in derivatives contracts. The trust’s value to shareholders has been the subject of debate, as its stocks have traded in a substantial premium over the net asset value (NAV) of this underlying asset. In August 2017 GBTC shares jumped to double the NAV, even though the expansion settled down to around 20 percent in October. Despite of the premium price, Lee wrote in a report that “GBTC at $688 and with 20 percent NAV premium is an appealing method to acquire an exposure to Bitcoin,” saying that the NAV spread is not right as it doesn’t factor in the value of this airdropped coins out of Bitcoin Cash and Bitcoin Gold, altcoins which were created from Bitcoin forks. When Lee wrote in his report, these assets added a combined $53 into the NAV of all GBTC shares.