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Ark’s Cathie Wood Says Tesla And Square Are On The ‘Right Side Of Change’ After Investing In Bitcoin, But Widespread Adoption Of The Digital Token Will Take More Time

Ark Investment Management founder Cathie Wood praised Tesla and Square’s decision to invest in bitcoin, but said a widespread corporate adoption of the cryptocurrency will still take more time.

“They’re on the right side of change when it comes to innovation,” Wood said about Tesla and Square during a Wednesday CNBC interview

Tesla revealed last week it had bought up $1.5 billion of bitcoin in January and plans to begin accepting the cryptocurrency as a form of payment in the near future. Meanwhile Square purchased $50 million worth of bitcoin in October of last year, which represents approximately 1% of the firm’s total assets.

The manager, who returned more than 150% in 2020, said it’s wise for Tesla and Square to “diversify their cash.” Tesla is the top holding in Wood’s flagship fund, the Ark Innovation ETF. Square is the third.  Read more…..

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Bitcoin does not fit the narrow definition of what a Ponzi scheme is, said Lyn Alden, founder of Lyn Alden Investment Strategy, who said that $50,000 is the next resistance level.

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