Bitcoin price bobs on comments from Elon Musk and Cathie Wood - Quartz

Feb 24, 2021

Then bitcoin got sucked into a downdraft when Tesla chief Musk suggested prices “seem high.” Prices lurched upward again after Wood, the investing rockstar and founder of ARK Investment Management, told Bloomberg she was “very positive” on bitcoin and glad to see a price correction.

Wood’s interview came after Square said it bought $170 million worth of bitcoin this month, and reported that about half of its revenue last quarter came from bitcoin.

ARK has major stakes in Tesla, Square, and bitcoin in the funds it manages.

The crypto asset’s supply is fixed, unlike fiat currencies, and she told Bloomberg that bitcoin is an even better bulwark against inflation than gold.

On Square’s Cash App alone, more than 3 million customers bought or sold bitcoin last year; in January, more than 1 million of them bought bitcoin for the first time.

Tesla, Square, and MicroStrategy have committed a chunk of their companies’ cash holdings to bitcoin.