- Tech investor Cathie Wood believes bitcoin's rapid adoption will lead to free global money transfers and that "cryptocommodities" like bandwidth could be traded like oil or corn.
- Wood is CEO of ARK Invest, a $1.7 billion investment manager. Before ARK, she spent 12 years at Alliance Bernstein.
- Bitcoin hit a record high of $5,856.10 Friday, according to data from industry website CoinDesk, surpassing the market capitalization of major stocks like Goldman Sachs.
Cryptocurrencies like bitcoin will become so valuable and widespread that all money transfers are going to be free, according to a top tech investor.
Cathie Wood, the CEO of ARK Invest, said the internet doesn't have a built in payments system because it wasn't conceived as a place of commerce. Bitcoin and other cryptocurrencies are "helping to solve that problem and cut out a lot of friction."
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