In a recent podcast, Canadian mining magnate Frank Giustra vehemently criticized Cathie Wood, the CEO of Ark Invest, labeling her reasoning for investing in Bitcoin as the “dumbest reason.” This criticism follows Wood”s assertion that the U.S. government plans to acquire 1 million Bitcoin for a strategic reserve, aimed at avoiding a “lame duck” scenario.
Giustra, a prominent advocate for gold and a long-time critic of current monetary policies, found Wood”s prediction to be utterly ridiculous. He further questioned her competence in asset management by stating, “it”s no wonder she has the worst track record on Wall Street.”
Wood”s optimistic outlook suggests that the U.S. government will commence acquiring Bitcoin to strengthen its political power in anticipation of the 2026 midterm elections. She expressed concerns about the government”s hesitance to purchase Bitcoin, noting that its current holdings are mostly confiscated assets. “The original intent was to own a million Bitcoin. So I actually think they will start buying,” Wood stated.
Moreover, Wood posits that if the U.S. leads the way in Bitcoin acquisitions, other nations will likely follow suit. “I think if the U.S. actually says, “Okay, now we”re going to buy,” that”s going to spur a lot of other governments to think this thing through,” she explained. “Do they want to be hostage to the dollar and U.S. monetary policy? No, they don”t. So put some Bitcoin in your reserves,” she added during her discussion.
The reaction to Wood”s assertions highlights the ongoing debate within the financial community regarding the viability and strategic role of Bitcoin in national reserves. As the conversation evolves, both skeptics and advocates continue to define the future of Bitcoin amidst a backdrop of shifting economic policies.
