Cathie Wood: Bitcoin Is A Disruptive Innovation Like Amazon, Apple, Tesla
According to Cathie Wood, the ARK Invest founder Cathie Wood, Bitcoin (BTC) is a “disruptive innovation” similar to corporate giants like Amazon, Apple and Tesla.
In a recent video update, The ARK Invest CEO explains how recent history shows that disruptive technology eventually grows rapidly in terms of market capitalization despite doubts from investors.
“I can’t tell you how many times the sell-side and the buy-side said, ‘This thing’s going bankrupt. This was a figment of Jeff Bezos’s imagination, of Wall Street’s imagination.’ Now a $1.6 trillion economy.
The same with Apple. Nobody thought Apple could win against Nokia, Motorola, Ericsson. How could they? Apple had no share… Apple redefined the cellphone into smartphone.”
Wood also notes that just few years ago investors were less than optimistic about the growth prospects of electric car manufacturer Tesla.
“And even Tesla more recently, 2019. Tesla was not going to be able to scale its manufacturing. It was going to run out of money. The large auto manufacturers were going to run circles around it. What do you know? It’s up 20 fold since then.”
Regarding Bitcoin, she points out how her investment management firm had to deal with nay-sayers when they first bought into the leading digital asset.
“When we first gained exposure to Bitcoin in 2015, many observers basically dismissed it as, ‘Well, that’s a marketing gimmick from this new firm that’s trying to find its way onto the map.’ And, of course, I think that was at a $6 billion market cap or network value. Today it’s nearly $1 trillion. That was 2015 to now. Seven years – it’s $1 trillion dollars. From $6 billion to $1 trillion. And remember, people were calling it a Ponzi scheme. We had to suffer the arrows associated with that kind of criticism.”
