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- Cathie Wood once again filled her Coinbase (NASDAQ:COIN) stock bucket by buying up its shares.
- This $COIN share purchase by Cathie Wood was after a nearly month-long break.
Cathie Wood, Founder and CEO of ARK Invest, is back to buying up shares of Coinbase ($COIN). According to weekend reports by ARK Invest, the firm disclosed that it had purchased 162,325 shares of $COIN.
Meanwhile the last purchase by ARK of $COIN was in mid-January when it bought $3.3 Million worth of shares of the exchange.
It can be seen that the $9.2 Million dollar buy comes as United States regulators increased their scrutiny of the digital assets industry. Although the Securities and Exchange Commission (SEC) didn’t go after Coinbase’s staking product, as it did with Kraken.
Last week, the SEC alleged that Kraken’s staking service was an illegal sale of securities. Thus Kraken, a crypto exchange ends its staking program in a $30 million SEC settlement. But this settlement could have a huge impact across the industry.
ARK’s Innovation ETF (NYSEARCA: ARKK) is up 28% year-to-date, while the ARK Fintech Innovation ETF (NYSEARCA: ARKF) is up 25% so far this year.
On the other hand, $COIN is up 69% year-to-date so far this year.
Cathie Wood Highlights ARK’s Big Ideas 2023
Last week in the ARK Invest podcast listing Cathie Wood weighed in on M2 growth, interest rates, inflation, auto sales, and Bitcoin. In this monthly video series Wood discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation.
Wood also highlights ARK’s Big Ideas 2023. She said, “we’ve grown up in a linear world really the last 50 years, and if we’re right that we’re entering into an exponential growth world, then real GDP growth should kick up here.”
Wood’s Bitcoin Prediction
Wood has updated her Bitcoin price prediction as now she thinks Bitcoin is going to $1.48 Million by 2030. She revises her earlier $1 Million price target. Wood states that “the case for Bitcoin at these stratospheric levels is really a story of enormous growth on a global standard.”
In the future, Bitcoin will account for a larger and larger share of global assets that would be held by institutions. It will continue to scale up globally as more nations accept it as legal tender. Also more people use Bitcoin to carry out online transactions.
This gets quite interesting as ARK Invest lays out the specific numbers behind its assumptions. As ARK Invest suggests there will be eight primary market segments like emerging market currency and remittance asset, where Bitcoin will see growth. Based on estimates about the penetration rate for Bitcoin including these markets, it is possible to develop a bearish, a base case, and a bullish scenario for Bitcoin’s price.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
