Ark Invest CEO Cathie Wood on Saturday rebutted the argument that Bitcoin (CRYPTO: BTC) is an outdated and “boring” store of value.
‘No Longer Capturing the Public’s Attention’
In an X post, Venture capitalist Jason Calacanis argued that 17 years after its creation, Bitcoin lacks strong utility in transactions or smart contracts and is “no longer capturing the public’s imagination.”
“It’s a boring store of value, trusted as that—which is its biggest value,” he added.
Calacanis posted Bitcoin’s 1-year price chart, showing a 30% decline with a recent rebound, and said, “The dead cat continues to bounce.”
Wood’s Defense
Wood, a long-time Bitcoin advocate, was far from convinced.
“Bitcoin is not a dead cat, Jason! It has many lives ahead,” the veteran investor stated.
Wood also pointed to the latest episode of the Ark Invest-hosted “Bitcoin Brainstorm” podcast, where she discussed the convergence of AI and Bitcoin and noted that advanced AI models can be a double-edged sword for the cryptocurrency.
Wood has previously framed Bitcoin as a "wealth insurance policy" that AI-driven growth investments cannot offer.
Notably, Ark Invest cashed out $40 million worth of ARK 21Shares Bitcoin ETF (BATS: ARKB) shares shortly before the CLARITY Act’s legislative defeat last week.
Saylor, Armstrong Also Push Back
Wood wasn’t the only one opposing Calacanis’ arguments. Strategy Inc. (NASDAQ:MSTR) founder Michael Saylor emphasized Bitcoin’s evolution since 2011 into an asset with a market capitalization of more than $1.6 trillion.
“Preserving wealth across generations is a bigger ambition than entertaining a dinner party,” Saylor added.
Coinbase Global Inc. (NASDAQ:CEO) CEO Brian Armstrong deemed Bitcoin as “Digital Gold,” which is here to stay.
Price Action: At the time of writing, BTC was exchanging hands at $81,562, up 1.40% in the last 24 hours, according to data from Benzinga Pro.
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