저자: CathieWood · 외국인
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결론: 캐시 우드는 비트코인을 '머니 혁명'의 핵심으로 보며 장기적으로 강하게 낙관하고, GBTC의 할인 해소와 규제 완화를 기대한다. 비트코인 기원: 2015년 Art Laffer와 공동 논문을 냈고, Laffer가 통화 규칙 기반 시스템으로 인정하면서 투자 확신을 얻었다. 당시 비트코인 네트워크 가치는 약 60억 달러, 미국 통화량은 약 4.5조 달러로 제시됐다. 개인 투자: 2015년 당시 약 25만 원(250달러 수준)에 개인적으로 10만 달러를 투자했다고 밝혔고 전량 보유 중이라고 언급했다. 펀드로는 ARK Next Generation Internet ETF를 거쳐 ARK 플래그십 펀드에 편입했다. GBTC 평가: 그레이스케일 GBTC의 가격 상황을 '헐값 매각(fire sale)'으로 보며, 새 행정부와 SEC 위원 교체 시 현물 비트코인 ETF 전환이 이뤄져 괴리율이 해소될 것으로 기대했다. 영국의 규제 차익으로 사업이 해외로 이전되는 위험도 언급했다. 비트코인 성격과 여론: 비트코인은 기업이 아닌 '비정부 디지털 규칙 기반 통화 시스템'이며 경제학과 금융 양쪽에서 설명 가능하다고 주장했다. 미디어 공격과 정치적 분열이 있지만 민주당 측 인사들의 관심이 늘며 격차가 좁혀지고 있다고 봤다. 투자 테마 구조: 머니 혁명(비트코인), 금융서비스 혁명, 차세대 인터넷(디지털 재산권·크리에이터 경제)의 세 축을 제시했다. 특히 젊은 층이 부모에게 ARK 투자를 권하는 현상을 긍정적으로 언급했다. 리스크: 규제 불확실성과 정치적 변수, 여론의 비판이 주요 리스크로 간접 언급됐으며, 구체적인 단기 가격 목표는 제시되지 않았다. 출연자 전망: 장기적으로 비트코인과 혁신 전략 전반에 강한 확신을 표명했다.
다듬은 글
as time went on and we did our research on bitcoin and the first paper we wrote was in 2015 and it was in collaboration with art Laffer and so I said art I want you to take this paper can Bitcoin serve the three rolls of money and I want you to tear it apart now our art art is known for his fiscal policy expertise but his his um Mentor was Robert Mondell who won a Nobel Prize for his monetary Theory and he was very involved in bringing the Euro together so I don't know how people feel about that these days but nonetheless I'm glad we're not part of it yes there you go so then um uh so art did rip it apart and which was fantastic and and he came back to us and he said I've been looking for this ever since we went off the gold exchange standard he said I may not it's a rules-based monetary policy rules-based monetary system and I said oh and he said I may not agree with the rule because he was thinking more in terms of inflation so you'd want a price rule as opposed to store a value which quantity he says but it's okay it's a it's a rule and we need to get back to this and I said to him aren't how big could this be and he said well how big is the U.S monetary base now Bitcoin was 250 at that time so is it roughly a six billion dollar Network value or Market Gap and I said how he said well he said how's the monetarys I said it's 4.5 trillion dollars he said there's your answer I said really and I am immediately I I put a lot of money especially our analyst Chris berniski at the time kind of Chris you know Chris um so our analyst he was the one really doing the work on the paper and hand selected uh um yaseen which has made us very happy but he um either your question again I lost that dude what was your moment where you realized so I I put I don't think I've ever disclosed this before but I put a hundred thousand dollars in 250 yeah I don't know how many Bitcoin that is uh what's that 400 Bitcoin I don't even know and I wasn't counting at the time but but uh and I've kept it all but I because as soon as he said that they'll leave us with the fun couldn't do it with the fund because we had to find a security and so this thing called gbtc which everybody knows now is grayscale Bitcoin Investment Trust that had the one year holding period and they were just cycling through that sorry this is the rules of your fund means you can't yes ETFs can only own Securities and so we had to find one and we found Grace grayscale actually the it grayscale was one uh block away from us in Chelsea and so we were they opened their books and we had to go to the New York Stock Exchange I mean we had to do so much to get Bitcoin in um so we put it in arkw our next Generation internet not fund first and then and then we put it into ark-k which is the flagship fund um but I think and Chris when he saw me do that all of a sudden he felt so much more responsible you know no he did anyway but a hundred thousand is like okay she just did that and she did it off my research and and so forth so it was he he doubled down as well so I mean it was it's it's a great story because well it ended well right you can still only invest in Securities in ETF yes yeah and um so therefore you've invested in companies as well as uh the grayscale trust um how do you feel about the performance of the grayscale trust and do you basically see it as a fire sale I do see it as a fire sale I do ultimately think maybe it's going to take a new Administration but we'll get an SEC commissioner in there who has to pass oh yes yes uh we we know Hester and we're definitely aligned um and I I don't know she she would be very controversial I'd love it but we would love that yeah I know so uh but you know just as you were saying the UK there is going to be regulatory Arbitrage and you know the U.S risks we're already seeing it happen business moving offshore because of our regulatory system and a different Administration and I would say you know someone an Administration that really cares about you know making sure Innovation is very welcome here from a regulatory point of view I think will grant uh grayscale um you know conversion to a Bitcoin ETF and then that and then that Gap closes and that's a nice day yeah yeah um and what is it like as an investment because it is particularly weird Bitcoin it it isn't a company and while some people refer to it as a commodity it's a particularly weird commodity because it's so controversial um some people have this kind of uh weird hate towards it even though they don't understand it it gets constantly attacked by the media um it is politically divisive though we are seeing that Gap close we are seeing some uh people more from let's say the the Democrat side come along rocana and Senator gillibrand have all kind of expressed an interest in Bitcoin which is great because we don't want it to be a part of them like you as an investor it must be a particularly weird uh commodity to be invested in and to try and explain to people it isn't hard for me to explain okay I mean when you have conviction in in something as as a necessary Innovation um to help solve some of the world's problems and and I um I I I've had um my background is both economics and finance so you know I feel very confident in what I'm saying you know this is the first Global private meaning no government oversight digital rules-based monetary system when I'm when I'm explaining it like that I I ask everyone to listen to each of those words each one of them is very important and this is one of the most profound Innovations of our time so my conviction and it's born out of our research it's borne out great research that Yasin Frank and and David are doing uh now as well as what Chris has done and and the community largely so there's no doubt in my mind and you know many people think that I'm too confident in in not just with Bitcoin but all of our strategies we Face the same kind of pushback with all of our Innovation strategies this is nothing new this feels the same it's a little different to explain but it's very it's not a company so more Finance uh but but it's it's a monetary system which is economics and I'm I'm comfortable in both of those zones do you do you see a growing interest again in Bitcoin right now are people talking to a bit more about it just because what's happening in the economic environment um we we get questions all the time I think uh people love to hear our uh our take on excuse me about crypto broadly no it's okay so but what we talk about is in the way I just described Bitcoin that's the money Revolution and then we have the financial services Revolution D5 a little more centralized but and then we have uh then the next Generation internet uh revolution around digital property rights and I realize all of these are involve property rights but when you're talking about the Creator economy and and the blending of uh consumption and investment um it's probably even more centralized and in that third bucket I think when people hear us describe this new world especially young people it hits a responsive chord and the young people are bringing their parents into it so uh that's an interesting Dynamic that's no that really hasn't happened in my career before right yes and they're bringing Arc to their parents as well
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