Bitcoin, which had plunged in the last two days, rebounded because of a positive comment from the Chief Executive Officer of Cashwood Arc Investment Management (CEO), which is admired as the’golden hand of Wall Street’, Bloomberg News reported on the 24th.
Bitcoin, which had plummeted in the last two days and fell to $45,000, recovered to the $50,000 range. According to CoinMarketCap of the U.S., a cryptocurrency (virtual currency) market relay site, as of 1:30 pm on the 24th (Korean time), Bitcoin is recording $5,797.
In an interview with Bloomberg, CEO Wood said, “Bitcoin’s decline is a very healthy adjustment,” and “I see Bitcoin positively.”
“I’m very happy to see a healthy adjustment. No market goes up in a straight line,” he added. He did not confirm whether Arc Investment Management bought bitcoin.
Wood’s CEO also reportedly bought Tesla’s stock. Wood CEO showed off his brilliant investment skills once again by sweeping the plunged Tesla stock at a low price.
Tesla plunged to 13% during the week on the New York Stock Market. CEO Wood did not miss this moment and bought Tesla in bulk. Although he didn’t say how much he bought, Tesla’s shares plunged 13% during the day, and then ended 2.2%, reducing the fall of the curtain.
Born in 1955 and majoring in economics at the University of Southern California, CEO Wood worked as an economist at the Capital Group and served as Chief Investment Officer at Alliance Burnsteen (AB) for 12 years.
Since then, he created Arc Investment Management in 2014, and then discovered future growth companies with a strategy of’disruptive innovation’. He appeared on CNBC broadcast in February 2018 and assured that “Tesla’s share price will surpass 4,000 dollars (before par value) within 5 years,” he received attention from the market.
Meanwhile, Fed Chairman Jerome Powell’s remarks that the current interest rate will be maintained for the time being also affected the Bitcoin rebound.
Chairman Powell said there will be no rate hike until the Fed’s inflation target of 2% is reached. He said this at a hearing on the US Senate Banking Committee on the 23rd.
