Cathie Wood has spoken back against Philippe Laffont's Bitcoin warning. | Source: CCN.
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Key Takeaways
ARK Invest bought $43.5 million in crypto-related stocks.
Cathie Wood argued AI and global capital flight will strengthen Bitcoin.
Wood continues to stand by ARK’s bullish Bitcoin outlook.
Cathie Wood has made yet another bullish Bitcoin prediction just months after reaffirming that it could reach $1.5 million by the end of the decade.
The new call came in response to billionaire hedge fund manager Philippe Laffont’s stark warning that he had become increasingly uncertain about Bitcoin’s long-term role.
Meanwhile, Wood’s ARK Invest bought more than $43 million in crypto-related stocks over the past three trading days, even as prices continued to fall.
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Cathie Wood Says AI Will Ultimately Fuel Bitcoin Demand
Despite renewed market weakness, Wood has remained optimistic about Bitcoin’s long-term outlook.
Responding on X to comments from billionaire investor Philippe Laffont on June 25, Wood argued that AI would strengthen Bitcoin’s investment case rather than weaken it.
Capital outflows from less stable countries around the world will light another fire under bitcoin and other digital assets. AI has launched a technology revolution, deservedly sucking a lot of oxygen out of the investment world, but it cannot serve as the insurance policy… https://t.co/Xmtt1DnroX
“Capital outflows from less stable countries around the world will light another fire under bitcoin and other digital assets,” Wood wrote.
She argued that while AI has dominated investor attention, it does not replace Bitcoin’s role as a store of value.
“AI has launched a technology revolution, deservedly sucking a lot of oxygen out of the investment world, but it cannot serve as the insurance policy protecting wealth that many people in the world are seeking right now.”
Philippe Laffont Questions Bitcoin
Wood’s comments came after Coatue Management founder Philippe Laffont said during an interview with CNBC that he had become less convinced about Bitcoin’s long-term case.
“I don’t know what to think about Bitcoin anymore,” Laffont said.
He argued that investors now have a broader range of attractive opportunities than in previous years.
“We have these big IPOs on one side, and then we have stablecoins on the other,” he said.
https://www.youtube.com/watch?v=xCrvqmWCpHA&t=2s
Laffont said he would rather invest in companies benefiting from artificial intelligence and space technology than Bitcoin over the coming decades.
“I’m a little bit more worried, and I would rather bet on SpaceX going to quadruple over the next 20 years, or these intelligence models,” he said.
He also questioned whether Bitcoin still occupies the unique position it once held within financial markets.
“When I speak to people about Bitcoin, it’s a bit like a cult — you’re either in or you’re not,” Laffont said.
Cathie Wood’s $1.5 Million Bitcoin Bull Case
Wood has consistently remained among Wall Street’s most bullish Bitcoin investors.
Speaking on The Rollup podcast in April, she said ARK still expects Bitcoin to appreciate substantially before the end of the decade.
“Our base case is around $730,000 by 2030, and our bull case is $1.5 million,” Wood said.
She argued that Bitcoin continues to evolve into a global store-of-value asset and rejected comparisons that treat it as a direct substitute for gold.
Instead, Wood said gold and Bitcoin have historically moved in cycles.
“Gold tends to move first and then Bitcoin follows,” she said.
Wood also described Bitcoin as being in a “bottoming process” following recent market weakness.
“We think we’re in a bottoming process,” she said, adding that ARK viewed an “extreme downside” scenario of roughly “$50,000 to $55,000” as possible but unlikely under current market conditions.
ARK Invest Adds $43.5 Million to Crypto Stocks
According to daily trading disclosures published by ARK Invest, Cathie Wood’s firm purchased approximately $43.5 million worth of crypto-related equities over the past three trading sessions.
The purchases included:
Coinbase (COIN): 122,544 shares worth approximately $18.6 million.
Circle (CRCL): 169,777 shares worth approximately $12.9 million.
Bullish (BLSH): approximately $5.2 million.
Robinhood (HOOD): approximately $5.12 million.
SoFi Technologies (SOFI): approximately $1.69 million.
Most of the purchases were allocated to ARK’s flagship ARK Innovation ETF (ARKK). At the same time, additional shares were added to the ARK Next Generation Internet ETF (ARKW) and the ARK Fintech Innovation ETF (ARKF).
Alongside its crypto purchases, ARK also increased its positions in Elon Musk’s SpaceX and software company Palantir Technologies.
It cut holdings in Alibaba, Roku, Strata Critical Medical, and several other companies.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
