Wood Defends Bitcoin After $40M ARK ETF Sale

Jason Calacanis posted on X that "the dead cat continues to bounce," attaching a one-year Bitcoin chart and citing a roughly 30% drop. He said institutional adoption took Bitcoin "from punk rock to Muzak," compared it to CDs in the Spotify era and DVDs in the Netflix era, and called it poorly suited for everyday transactions and smart contracts. Bitcoin had briefly fallen below $76,000 before recovering above $80,000 and $81,000. Cathie Wood replied: "Bitcoin is not a dead cat, Jason! It has many lives ahead." Michael Saylor defended it as "digital capital" at a roughly $1.6 trillion valuation, writing, "Preserving wealth across generations is a bigger ambition than entertaining a dinner party." Wood's comments came days after ARK sold more than 1.5 million shares of its spot Bitcoin ETF, worth roughly $40 million. She also argued Bitcoin can hedge deflation as well as inflation if artificial intelligence accelerates growth and raises rates. Calacanis wrote that he owns "a couple of million BTC, which is nothing to pay attention to," after earlier buys under $100 lost in a hack; his wife accumulated coins below roughly $100-$200. Strong inflows into U.S. spot bitcoin ETFs were noted amid the debate.