Cathie Wood: "Bitcoin Is Acting Just Like Tesla Did Before The Breakout"

According to Cathie Wood, Bitcoin and Tesla are performing similarly. In her “In The Know” monthly update, CEO and CIO of Ark Invest Cathie Wood gave a bullish outlook for Bitcoin. Bitcoin currently sits at $21,238.68, up 2% in the past 7 days… but Bitcoin has been trading sideways for months, ranging between $18,000 and $25,000 since June. Wood believes Bitcoin has bottomed out due to the duration of this sideways action, which she stated is similar to that of Tesla’s stock, which traded sideways for years before taking off in March of 2020. Tesla’s stock is one of Wood’s strongest and most accurate predictions… when many didn’t see the potential in Tesla. Wood is seeing the same in Bitcoin, and all of her other picks for that matter, as many are doubting her volatile Fund and her disruptive innovation strategy.

Cathie Wood is an American investor and the founder, CEO and CIO of Ark Invest, an investment management firm. Cathie Wood started the firm in 2014, after her idea for actively managed exchange-traded funds based on disruptive innovation was deemed too risky by AllianceBernstein. The company is named after the Ark of the Covenant. In 2020, Wood was named the best stock picker of by Bloomberg News editor-in-chief emeritus Matthew A. Winkler.
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Cathie Wood: “Bitcoin Is Acting Just Like Tesla Before The Breakout”