Canadian mining mogul Frank Giustra has delivered a scathing rebuke of Ark Invest CEO Cathie Wood over her recent Bitcoin price prediction.
The pro-gold billionaire has awarded her “first prize for the dumbest reason to buy Bitcoin” following her latest prediction.
During a recent podcast appearance, Wood argued that the White House intends to purchase 1 million Bitcoin for a U.S. strategic reserve specifically to avoid the “lame duck” scenario.
Giustra, a longtime skeptic of modern monetary policy and a gold bug, dismissed the theory as absurd. He also took a personal swipe at Wood’s management history by adding that “it’s no wonder she has the worst track record on Wall Street.”
Wood’s optimistic bet
As reported by U.Today, the so-called “strategic Bitcoin reserve” ended up being a massive disappointment since it simply meant that the US would stop selling BTC instead of actually buying new coins.
However, Wood believes that the White House will move to acquire secure political power during the 2026 midterm elections.
“Also, it seems as though there’s been reticence about actually buying Bitcoin for the strategic reserve. So far, it’s confiscated. The original intent was to own a million Bitcoin. So I actually think they will start buying…” Wood said.
Notably, Wood believes that other governments will have to follow suit.
“I think if the US actually says, ‘Okay, now we’re going to buy,’ that’s going to spur a lot of other governments to think this thing through. Do they want to be hostage to the dollar and US monetary policy? No, they don’t. So put some Bitcoin in your reserves,” she said during the podcast.