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Tags: bitcoin, bitcoin price prediction, cathie wood, cryptocurrencies


CATHIE WOOD IS DOUBLING DOWN ON BITCOIN… AND I LOVE IT!

By Chris Johnson, Quantitative Specialist, Money Morning • January 22, 2024

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Chris Johnson

We talked about Bitcoin last week, but I didn’t get to my favorite story. Let’s
start with a little background on Cathie Brown.

Let me make something clear. Cathie Wood is good at what she does. You don’t get
Cathie Wood status by losing a lot of money. Over the years, her portfolios have
ballooned in size because of her ability to generate out-of-this-world gains,
which always catches the attention of Wall Street.

I feel the need to say that because the well-known investor was turned into the
market’s punching bag in 2022 for holding true to her convictions and investment
style.

Full disclosure, her Ark Innovation Fund (ARKK) is still trading at a third of
the price of its 2021 highs while the Nasdaq 100 is making new highs.

Here’s a bold statement for you, Cathie Wood’s Ark Innovation Fund stopped
outperforming the market because of you. Well, maybe. If you were one of the
millions of investors that were trying to mimic her fund performance by buying
the stocks she held then yeah, it might you.

We’ll get into why it is so hard for Cathie Wood to beat the market now next
week. For now, let’s stick to her move on Bitcoin.

Ark Invest is one of the companies that was approved to offer the new Bitcoin
ETFs. The fund is called the Ark 21shares Bitcoin ETF (ARKB). Like the others,
they’re out there attracting new funds into the ETF as fast as possible. At this
point in the game, there’s a limited amount of money that is going to allocate
to spot Bitcoin funds, get it while you can.

ARKB shares are separating themselves from the crowd in one way that should make
your ears perk. Ark Investments is going with a low 0.21% management fee for
their new Bitcoin offering. That puts it as one of the lowest fees in the
Bitcoin ETF universe.

Cathie Wood also created a splash last week when she started selling the firm’s
shares of the Proshares Bitcoin Strategy ETF (BITO) and immediately depositing
those funds into her company’s newly minted ARKB shares.

Doubling down even further, Cathie Wood made the following comments on Twitter
over the weekend.

They were directed at Jamie Dimon’s claim that Bitcoin has no value beyond that
of a “Pet Rock.”

I could go on and on, but here’s my bottom line:

Cathie Wood has fallen into the same category as Jim Cramer, Bill Miller, and
countless other analysts that have made a career of generating outstanding
performance only to have “The Street” bring them down. Again, we’ll get into the
“Whys and Hows” behind that over the next week, but let’s just say that the
market has thrown the baby out with the bathwater when it comes to Cathie Wood
and Ark Investments.

I’m adding to my Bitcoin ETF allocation on the recent technical consolidation as
my charts, and the crowd’s interest in Bitcoin, tell me that the cryptocurrency
is likely to see $100,000 in the next six months.

--------------------------------------------------------------------------------

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Chris Johnson

About the Author

Browse Chris's articles |

Chris Johnson (“CJ”), a seasoned equity and options analyst with nearly 30 years
of experience, is celebrated for his quantitative expertise in quantifying
investors’ sentiment to navigate Wall Street with a deeply rooted technical and
contrarian trading style.

… Read full bio




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