Cathie Wood said she currently owns more than $7 million worth of bitcoin, which she bought on the advice of Reagan-era economist Arthur Laffer while it was trading at $250.
The ARK Investment Management CEO shared the data last week in a podcast interview called How Bitcoin Managed Peter McCormack. She added that she had put $100,000 in bitcoin, which is currently worth more than $7 million.
Despite the fact that Wood didn’t uncover the year she bought the cryptocurrency, the amount it was trading at when she bought it suggests that it was sometime in 2015.
She also went on to add that she has not sold any of that initial investment.
Laffer was Wood’s teacher at the University of Southern California, who had asked her to take an interest in Bitcoin.
Laffer advised her that Bitcoin was a rules- based monetary system and he was looking for it “since we went off the gold standard.”
When asked by Wood, how huge Bitcoin could be, Laffer answered, saying: “how large is the US monetary base?” Around that year, the Bitcoin market cap was around $6 billion, and the US financial base was $4.5 trillion.
When calculated on the current price of about $19,250, Wood has made a whooping profit of over $7.6 million on her $1000,000 investment.
However, she has not been able to find the same level of success with her firm – which she co-founded – as they have been unable to use ARK funds besides investing in securities until recently.
ARK Investment Management focuses on innovative and disruptive investments. The company’s value rose during the 2020 stock market boom, with its investments in unprofitable technology firms paying off beneficially, which pulled in a colossal measure of assets to its trade exchanged reserves (ETFs).
Despite the fact that ETFs are restricted to putting resources into protections, Ark began exploring ways of putting assets into bitcoin through products like the Grayscale Bitcoin Trust and has in the long run added them to several funds.
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