Tag: Ark Invest

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Bitcoin jumps above $49000 only to fizzle out

Bitcoin ETF

Bitcoin rose in volatile trading on Thursday 11th January 2024 after the Securities and Exchange Commission gave the green light for the first-ever spot Bitcoin ETFs to trade in the U.S.

Approval

The Bitcoin ETF approval is a massive achievement for the crypto industry as a whole, which first attempted to launch a Bitcoin ETF some 10 years ago.

Grayscale’s big legal win against the SEC in August 2023 over the regulator’s refusal to let it convert its popular Bitcoin Trust (GBTC) into an ETF breathed fresh optimism into the idea.

Volatile

Following the SEC’s decision, Bitcoin’s value fell then gained some traction, as expected by traders. However, the volume of inflows into the new funds remains to be seen, Bitcoin ETFs are still widely expected to increase demand for the cryptocurrency and drive Bitcoin higher.

It would be unwise to make too much of these Bitcoin price moves in the short-term, but the approval is likely going to lead to some longer-term price increases. Now that the bitcoin ETF speculation has come to fruition it looks like traders may rotate to alternative cryptocurrencies such as Ether to prepare for future market developments.

Altcoin ETFs

The SEC is due to give decisions on spot ETH ETF applications beginning in May 2024. BlackRock, Invesco and Ark Invest are among the firms in line for approval, as well as Grayscale.

The opportunity to be in at the beginning will not want to be missed by these companies.

Bitcoin 7-day chart 6th January – 12th January 2024

Bitcoin 7-day chart from 6th January – 12th January 2024
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Cathie Wood of Ark Invest argues case for Bitcoin reaching $1.5 million

Bitcoin ETF

Cathie Wood says $1.5 million Bitcoin bull case is now more likely

Ark’s Invests Cathie Wood said the approval of Bitcoin Exchange-Traded Funds (ETF) in the U.S. convinced her even more that the world’s largest cryptocurrency ‘Bitcoin’ could hit her crazy bullish target of $1.5 million.

For her bull case, the ARK Invest boss sees Bitcoin hitting $1.5 million by 2030. Her base case is in the $600,000 range, she reportedly said.

‘We think the probability of the bull case has increased with this SEC approval. This is a green light.’ ‘It is the first global decentralized digital rules based … monetary system in history.

It is a very big idea.

Win! Win! then…?

Bitcoin 7-day chart from 6th January – 12th January 2024

Bitcoin 7-day chart from 6th January – 12th January 2024
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Cathie Wood and Ark Invest company STOCK WATCH

Cathie Wood

Tech’ investor and disruptor

Cathie Wood is an American investor and the founder, CEO and CIO of ARK Invest, an investment management firm that focuses on disruptive innovation. She is known for her bullish views on Tesla, DeepMind, and many other AI companies.

DeepMind and Tesla

Cathie Wood is a fan of DeepMind, an artificial intelligence research lab acquired by Google in 2014 and founded in 2010. She reportedly says it is ‘one of the best AI companies in the world’ and that the ‘AI revolution’ will ‘change everything’.

She also says that Tesla is the ‘biggest AI opportunity in the world’ today. She believes that Tesla has a huge advantage in data collection and innovation, and that it has just started its growth potential.

Additionally, Cathie Wood has been betting on other AI stocks, such as C3.ai, UiPath, Exact Sciences, and Upstart. She thinks these companies have strong prospects in various fields, such as cloud computing, automation, healthcare, and lending.

British-American AI DeepMind

DeepMind is a British-American artificial intelligence research lab that is a subsidiary of Google. It was founded in 2010 and acquired by Google in 2014. DeepMind is known for creating neural network models that can learn how to play video games, solve complex problems, and mimic human intelligence. Some of its famous products are AlphaGo, AlphaZero, AlphaFold, and Flamingo.

DeepMind

Mission

DeepMind’s mission is to ‘solve intelligence and use it to make the world a better place‘.  It has been involved in various fields, such as healthcare, climate change, computer systems, and board games. 

DeepMind also collaborates with Google Cloud to enhance its solutions for customers

NOTE: Always do your own research!

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