Cathie Wood claimed that she currently has $7 million worth bitcoin. She bought it from Arthur Laffer, a Reagan-era economist, while it was trading for $250.
In a podcast interview entitled What Bitcoin Did with Peter McCormack, ARK Investment Management CEO Heather McCormack shared this information. She also mentioned that she had invested $100,000 into bitcoin, which is now worth more than $7 million.
Wood didn’t reveal the year that she bought the house. CryptocurrencyIts trading price at the time she bought it suggests that it was in 2015 or 2015.
She continued to say that she has not yet sold any of her initial investment.
Wood was a student at the University of Southern California and Laffer asked her to get involved in Bitcoin.
Laffer informed her that Bitcoin was a rules-based system of monetary systems and that he was searching for it since the end of the gold standard.
Wood asked Laffer about the size of Bitcoin. Laffer replied that it was “how big” and said, “How large is the US monetary basis?” In that year, the Bitcoin market capitalization was $6 billion and the US monetary basis was $4.5 trillion.
Wood made a huge profit on her $1000,000 investment, calculating at the current price of $19,250.
She hasn’t been able find the same success with her company, which she co-founded, because they are unable to use ARK funds and have only recently started investing in securities.
ARK Investment Management focuses its efforts on disruptive and innovative investments. The company’s value increased during the 2020 stock markets boom. Its investments made in unprofitable technology companies paid off lucratively. This attracted a large amount of funds to its ETFs.
While ETFs can only be used to invest in securities, Ark started exploring other ways to invest in Bitcoin through products such as the Grayscale Bitcoin Trust. Ark eventually added them to many funds.