Ark Investments CEO: Bitcoin is a Bigger Idea Than Amazon, Apple


Bitcoin has entered the mainstream officially. The latest edition of Charlie Rose, the interview show on PBS that has continued since 1993, features CEO and CIO of Ark Investment Management, Cathie Wood, along with reporters from Bloomberg and the Wall Street Journal.

Early in the interview, Wood compares Bitcoin’s overall market cap (in which Wood includes BCH) to the cap of companies such as Amazon and Apple. She states: “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 it is a much bigger idea than either of those.”

Bankers and the growing financial world

In the interview, the discussion shifts to the ways that Bitcoin will affect the banking industry. Since it bypasses bankers, all three participants of the interview agree that the banking industry is very much not pro-Bitcoin. However, Wood said: “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 radically changing financial landscape of the world has started to take on new properties that consumers and investors could have never imagined. Comparing Bitcoin to VOIP, Wood notes that no one believed that voice transmissions could be free over the internet, but now they are. Ultimately, “money over IP will be free as well.”