Cathie Wood Defends Bitcoin Amid Calacanis Criticism

Cathie Wood has come out in support of Bitcoin, saying it's 'not a dead cat' and 'has many lives ahead'. This statement comes after she was criticized by investor Jason Calacanis, who called Bitcoin a 'boring store of value' that no longer captures the public's imagination. Calacanis also compared Bitcoin to CDs in the age of Spotify.

Wood made her comments on X, where she also shared her case for Bitcoin as a hedge against deflation. She argued that AI is highly deflationary and that real GDP growth is projected to accelerate from around 3% to 7% or 8%. As rates go up with the economy picking up, Wood warned of counterparty risk, which would be mitigated by Bitcoin's lack of counterparty risk.

Wood's comments come just days after ARK sold more than 1.5 million shares of its own Bitcoin ETF (ARKB), valued at around $40 million. This sale was the week's biggest trade by volume as of Friday morning.