Bitcoin is going through a not so good time despite being the largest cryptocurrency by trading volume and market cap. The founder and chief executive officer of ARK Investment Management stressed that the cryptocurrency is going to be a part of the next generation internet and should be carried in every portfolio as an essential item.
Talking to a media podcast, Catherine Wood revealed that the total amount of money transacted over Bitcoin blockchain alone totals up to almost one and a half trillion dollars ($1.4tn). During the year, the average size of the transaction was about fifteen thousand dollars ($15,000) which is far heavier in lifting than the conventional transaction.
Wood further explained that the conventional system is far from perfect and it is quite difficult to convert from one currency to another without paying twenty-five percent (25%) for USD conversion. She rejected the stance that cryptocurrency is being used for illegal operations and terror. She was of the view that there are many other ways of sending money without a trace, without commenting on the details of these ways.
Wood and her investment management firm strongly believe that there is a void in the research when it comes to cryptocurrency. She also explained that the need for this research is not evident, but the “appetite” is greater at the individual level than the institutional. She and her firm are focused on changing the research demographics among other things.