“We’re very positive on Bitcoin again, very happy to see a healthy correction here. No market is straight up; everyone should know that. Everyone should have some dry powder for for days like these, and I’ve been saying that for a while. We see so many use cases of Bitcoin, but yeah probably the the most important use case is an insurance policy around the world against confiscation of wealth, and that can happen in two ways.
“It can happen with inflation. Bitcoin, I think, is the best hedge against inflation out there far none and better than gold.
“And it can happen outright. I mean, when you saw in the Middle East a prince seize his own relative’s wealth… everyone should know [that] if you think there’s a 5% chance of that happening, you should put 5% of your portfolio or your wealth into something like Bitcoin…“
Earlier this month, in an interview with Yahoo Finance, Wood said that ARK Invest was not shocked by institutional investors’ move into crypto:
“We have been expecting institutions to start moving into Bitcoin and other cryptoassets, but primarily Bitcoin, the most secure of the blockchains, because if you look at the correlation of Bitcoin’s performance relative to any other asset class, it has the lowest correlation, meaning if you buy some Bitcoin, you will further diversify your portfolio and increase your returns with lower risk...
“Institutions look for that low correlation. Bitcoin has it. That’s clear. We have 10 years of history now.”