The bankruptcy of FTX triggered a surge in the currency circle, pushing the already troubled cryptocurrency market into the abyss. Even though Coinbase, the largest cryptocurrency exchange in the United States, has warned that the company’s revenue this year may be cut in half, it still cannot stop the “female stock goddess” Cathie Wood’s determination to go against the trend.
On December 14, Ark Invest, led by Cathie Wood, bought about 297,000 shares of Coinbase shares at a bargain, worth about $3.2 million, continuing to show confidence in Coinbase. Cathie Wood also said that she always believes that cryptocurrency is the main trend in the future.
Since last year, Ark Investment has been adopting a bargain-hunting strategy to continuously increase the value of Coinbase stock. So far, this investment company holds a total of 5.8 million shares of Coinbase stock, with a shareholding ratio of 4.3%.
Due to the continued decline in currency prices and the impact of the collapse of competitor FTX on investor confidence, Coinbase’s stock price has fallen by 84% since the beginning of this year, and its market value has shrunk to US$9.122 billion, which is the same as Coinbase’s peak market value of US$76.9 billion on November 9, 2021. Very different.
At the same time, Cathie Wood made a bolder bet that the price of Bitcoin will soar to $1 million by 2030.
Cathie Wood was asked in an interview with Bloomberg that she had predicted that the price of Bitcoin would soar to $1 million in the past. She said that she was not intimidated by the recent bear market in cryptocurrencies and stocks, and she still stood by the above bets.
Cathie Wood said that the recent collapse of FTX, as well as events from other major cryptocurrency companies, will only help the ” battle test” of Bitcoin’s infrastructure and theme . Bitcoin, she said, would get out of that rut.
