Cathie Wood Says Bitcoin Is 'Not a Dead Cat'

ARK Invest CEO Cathie Wood took a swipe at venture capitalist Jason Calacanis after he described Bitcoin as a fading technology. 

Calacanis claimed that Bitcoin's most recent price move was ultimately a "dead cat bounce," referring to the most recent BTC rally. 

"Bitcoin is not a dead cat, Jason! It has many lives ahead," Wood wrote on X. 

Earlier this week, Bitcoin staged a sharp recovery above the $80,000 level after briefly falling below $76,000 earlier in the week. 

From "punk rock to Muzak"

According to Calacanis, Bitcoin has now lost its spark after several stages of institutional adoption.

The podcaster and early Uber investor claimed that Bitcoin remains poorly suited for everyday transactions and smart contracts while still having an intimidating user experience for ordinary people.

According to Calacanis, institutional adoption has transformed BTC "from punk rock to Muzak." The flagship cryptocurrency has settled for a rather mundane role of a store of value.

He went as far as comparing Bitcoin with CDs in the Spotify era and DVDs in the Netflix era. 

"Digital capital" 

Strategy Executive Chairman Michael Saylor was among the high-profile Bitcoin proponents who joined Wood in pushing back against the most recent attack on Bitcoin by the prominent venture capitalist.