Cathie Wood bullish on Bitcoin and AI convergence

In a recent X (formerly Twitter) post, Cathie Wood, the CEO of ARK Invest, expressed her optimistic view on the intersection of Bitcoin (BTC) and artificial intelligence (AI)

In the post, Wood hinted at the transformative potential in the dynamic synergy between AI and Bitcoin, emphasizing the possibilities and positive implications the technologies hold for diverse industries and the overall economic landscape.

Backing Wood’s optimistic outlook is a research document published by ARK Invest titled “Investing In Artificial Intelligence: Where Will Equity Values Surface?,“ suggesting that both Wood and ARK Invest are assessing the significance of AI within investment strategies.

Throughout the years, Wood has allocated investments to various AI-related stocks, demonstrating her strong belief in the rising technology. Wood’s well-known enthusiasm for Bitcoin is evident through ARK’s endeavors concerning a Bitcoin exchange-traded fund (ETF). Furthermore, ARK is no stranger to digital asset sector investments, with substantial holdings in Coinbase and Robinhood.

Related: Bitwise withdraws Bitcoin and Ether Market Cap ETF application

The document also highlights ARK Invest’s strategies that have reaped rewards from investments in artificial intelligence tech stocks. The ARK Disruptive Innovation ETF, dedicated to AI and other pioneering technologies, outperformed the Nasdaq 100 Index, achieving a significant mid-year profit of 41.2%.

Wood’s post, along with ARK’s research, illustrates the growing influence of AI in the realm of investments. The fusion of Bitcoin and AI can potentially trigger a transformation in corporate operations, potentially reshaping productivity and cost dynamics. As investors explore fresh avenues for growth, Wood’s nod to Bitcoin and AI could see more investment flowing into the two technologies in the future.

Magazine: SEC calls ETF filings inadequate, Binance loses euro partner and other news: Hodler’s Digest, June 25 – July 1

Source: Read Full Article