Core Viewpoint - Cathie Wood, CEO of ARK Invest, has been a long-time advocate for Bitcoin, emphasizing its potential as a transformative technology rather than merely a speculative asset [1][3][6]. Group 1: Historical Context - ARK Invest was the first public asset manager to gain Bitcoin exposure through Grayscale's Bitcoin Investment Trust in 2015, a time when Bitcoin was valued around $200 [1][5]. - The initial investment faced skepticism from professionals who questioned the viability of crypto as an investable asset, viewing it as risky or gimmicky [2][4]. - At that time, there were no exchange-traded funds (ETFs) or regulated futures markets, and the regulatory environment was uncertain [3][5]. Group 2: Investment Strategy - Wood's approach to Bitcoin has been consistent, focusing on its supply certainty, global accessibility, and low correlation with traditional assets [7]. - She has articulated that Bitcoin operates under a code-based governance model, distinguishing it from equities and commodities [7]. - The early exposure to Bitcoin was limited to a 1% allocation, requiring permission from the New York Stock Exchange [5]. Group 3: Current Environment - The current landscape for Bitcoin has evolved significantly, with ETFs trading billions of dollars daily and increased institutional interest from pension funds and sovereign wealth managers [6]. - Wood's early advocacy for Bitcoin occurred before it gained institutional acceptance, highlighting her foresight in recognizing its potential [6].