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Get to know the Dollar Cost Averaging Method when Investing in Crypto

As previously reported, Cathie Wood's Ark Invest is betting big on Tesla Inc, the electric vehicle company led by entrepreneur Elon Musk, who admitted last week despite growing interest in spot bitcoin ETFs, he is not as focused on crypto.

Wood bought 111,000 Tesla shares on Wednesday 20 December 2023. The flagship Ark Innovation ETF (ARKK) bought 93,965 shares, worth around USD 23.2 million or the equivalent of IDR 357.6 billion (assuming an exchange rate of IDR 15,404 per US dollar).

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Meanwhile, the ARK Next Generation Internet ETF (ARKW) bought 17,422 shares, worth around USD 4.3 million or the equivalent of IDR 66.2 billion.

Wood, chief investment officer and founder of ARK, previously cut the company's stake in Tesla in October, selling shares worth around USD 63.3 million or the equivalent of IDR 975.7 billion. Coinbase and Tesla are ARK's two largest holdings.

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Musk Isn't Thinking About Crypto

Wood and Elon Musk spoke in a live forum on X, formerly Twitter. While their conversation centered mostly on Musk's vision for X, the two also discussed artificial intelligence, why Musk doesn't like index funds and bitcoin.

When Wood asked Musk how he thought bitcoin would impact the financial services system, Musk replied he hadn't spent much time thinking about cryptocurrencies.

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“I've been thinking about money and the nature of money for a long time. It's really a database for resource allocation, that's the way to think about money in my view,” Musk told Wood, quoted from Yahoo Finance, Friday (29/12/2023) .

Get to know the Dollar Cost Averaging Method when Investing in Crypto

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