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Bitcoin is the first truly new asset class since the 1600s, argued Kathy Wood, CEO of Arc Invest.
March 28, 2021 at 2:09 a.m. UTC · 2 minutes To read
The market capitalization of Bitcoin (BTC) over 1 1 trillion is the beginning of the search for the value of crypto, argued Kathy Wood, CEO of asset management company Arc Invest, during a virtual conference published yesterday. Wood said:
“If we add up all the potential demand for limited supply, we will come up with an incredible number in the long run. We have just started. A trillion dollars is nothing compared to what it will eventually be. “
He added that one of the most surprising developments recently – which Arc did not expect when the company was preparing its institutional report – was that large institutional companies began to diversify their cash reserves from Bitcoin.
“We’ve seen Square do this, Tesla does it, the sons of microstrategy, I mean he now defines the business around him. And one of the reasons, as Tesla announced yesterday, is that it wants to do business in Bitcoin in regions of the world. […] Where converting from one Fiat to another is prohibitively expensive. “
Really a new unrelated asset class
This is because Bitcoin has recently emerged as the “first truly new asset class” to relate to other markets. Thus, it is attractive because this is exactly the type that unrelated property investors are looking for in all sectors. Wood noted:
“We believe [Bitcoin] The first new asset class since the 1600s, after equities, is really a new asset class. So we are very excited about it. “
At the same time, Wood urged American investors to avoid selling and relocating their BTCs unless the Internal Revenue Service gives them proper guidance. Wood added:
“The IRS has something to say about this, so if you get a big advantage in your bitcoin, I don’t think I’ll tolerate much in the way of transactions unless we make some changes on the tax front.”
Like Cryptoslate Reportedly, United States Federal Reserve Chairman Jerome Powell recently said that Bitcoin is “essentially an alternative to gold.”
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