Wood Spars with Calacanis Over Bitcoin 'Dead Cat' Label
Cathie Wood, founder and CEO of ARK Invest, rejected Jason Calacanis's characterization of Bitcoin as a 'dead cat,' saying it has many lives ahead.
In response to Calacanis's post on X, which included a one-year price chart showing a decline of about 30%, Wood pointed followers to the Sept. 17 episode of ARK's 'Bitcoin Brainstorm' podcast.
On the podcast, Wood argued that Bitcoin is not just an inflation hedge, but also a deflation hedge due to its decentralized nature and lack of counterparty risk.
She predicted that real GDP growth could accelerate to 7% or 8% in the AI age, leading to falling prices and rising interest rates, which would catch institutions off guard.
The same day as Wood's rebuttal, ARK sold more than 1.5 million shares of the ARK 21Shares Bitcoin ETF (CBOE: ARKB), a sale valued at approximately $40 million.