Despite smaller market cap, the Bitcoin idea is bigger than Apple or Amazon, says Cathie Wood of Ark Investments
Bitcoin has officially entered the mainstream. The most recent edition of Charlie Rose, the PBS interview show that has endured since 1993, features Cathie Wood, CEO and CIO of Ark Investment Management, along with reporters from the Wall Street Journal and Bloomberg.
“The network value of Bitcoin when you include Bitcoin and Bitcoin Cash is little over $100 bln. So it’s come up and it’s come very fast. But it’s at a fraction of Apple’s valuation, of Amazon’s valuation, and we think its a much bigger idea than either of those.”
Bankers and the changing financial world
During the interview, the discussion turns to the ways that Bitcoin will disrupt the banking industry. Because it circumvents bankers, all three participants in the interview agree that the banking industry is very much not pro-Bitcoin. However, according to Wood:
“This actually is increasing the public’s interest in [Bitcoin]. So you have Jamie Dimon – very public figure, very well known – along with Howard Marks of Oaktree…all negative. Interestingly, the following week after Jamie’s comment, James Gorman, CEO of Morgan Stanley…speaking about it in very different tones. And I think it’s because they’re beginning to see trading opportunities.”
The world’s radically changing financial landscape has begun to take on new properties that investors and consumers could have never imagined. Comparing the technology to VOIP, Wood remarks that no one understood that voice transmissions could be free over the internet, but now they are. Eventually, “money over IP will be free as well.”
The interview can be found here.
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Author: Jon Buck