Cathie Wood's ARK Investment Management argued that Bitcoin (BTC-USD) can potentially be viewed as a “risk-off” asset, despite the fact that many investors view the digital currency as rather volatile in nature. “While its explosive growth and price volatility have led many investors and asset allocators to deem Bitcoin the epitome of a risk-on asset, we believe that the Bitcoin network embodies risk-off characteristics that enable financial sovereignty, reduce counterparty risk, and enhance transparency,” ARK Invest stated in an investor note. “As the network matures, asset allocators are likely to evaluate seriously bitcoin’s merit as a risk-off asset,” the firm contended. Countering arguments that the cryptocurrency has been traditionally volatile in nature, ARK noted that Bitcoin's price volatility has diminished over time. See the below chart that the ETF issuer provided:See below the year-to-date price action on Wood’s six actively managed ETFs, along with the firm’s Bitcoin backed ETF.

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