Cathie Wood's Company, Managing $6 Billion, Talks About BTC for the First Time After the Decline! Still Bulls?

Cathie Wood’s investment firm Ark Invest maintains its bullish position on Bitcoin despite the market experiencing a pullback in March.

The firm managing a $6 billion asset reassured investors with a note that the long-term outlook for BTC remains optimistic.

Ark Invest believes that policy changes and technological advances in areas such as artificial intelligence and robotics revive spending and enhance productivity.

The company, while not providing specific details on how artificial intelligence and robot technologies will increase the value of Bitcoin, previous research suggested that the convergence of artificial intelligence and cryptocurrencies could contribute $20 trillion to the global economy by 2030.

Ark Invest also pointed to deregulation and tax cuts as potential catalysts for Bitcoin to overcome the recent market fluctuations. US President Donald Trump promised to reduce taxes and ease crypto regulations, which could significantly impact investor sentiment.

Despite these promises, Bitcoin fell below $80,000 for the first time since November this week.

Market participants’ sensitivity continued to be shaken on Monday with the withdrawal of 430 million dollars from the US spot Bitcoin exchange-traded funds (ETFs). According to Coinglass, Ark Invest’s own Bitcoin ETF, ARK 21Shares, led the decline with a $147 million outflow. The company currently operates six cryptocurrency ETFs.

Despite these challenges, Ark Invest believes that the market is entering a period of extreme downturn.

The company wrote, “In our view, the market has turned overly pessimistic in response to current macroeconomic and geopolitical sensitivities.”