ARK Invest CEO Cathie Wood responded to venture capitalist Jason Calacanis who described Bitcoin as a fading technology, calling its recent rally a ‘dead cat bounce’. Bitcoin recovered sharply above the $80,000 level after briefly falling below $76,000 earlier in the week. Calacanis believes institutional adoption has transformed Bitcoin ‘from punk rock to Muzak’, reducing it to a mere store of value role. Michael Saylor, executive chairman of Strategy, defended Bitcoin by highlighting its valuation of approximately $1.6 trillion and its role as ‘digital capital’. Calacanis claimed to own a couple of million BTC, which he dismissed as ‘nothing to pay attention to’.
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