### Buying the dip is something a lot of people say they will do; but, when the real dip comes, few actually push through with buying. Dips are characterized by crippling fear, reflected in the market sentiment. Cathie Wood has often shared that she is long-term bullish on bitcoin; and, she just put her money where her mouth is, to the tune of $2.8M through the Grayscale Bitcoin Trust (GBTC).

For over a year and half, Cathie Wood’s ARKK invest has not made any purchases of GBTC. Holding off on purchasing additional turned out to be a good thing as BTC has been in a downtrend for almost a year. Not only is Cathie Wood acquiring bitcoin (through GBTC), since GBTC presently trades at a huge discount, she is getting what she called a ‘fire sale’ price for bitcoin exposure. At the time of her purchase the GBTC discount was around 40%. Cathie Wood’s strategy could pay off big if GBTC is allowed to convert into an ETF. Currently, GBTC cannot be redeemed for bitcoin, although it is backed by bitcoin. From inception in 2017, GBTC has traded at a premium until early 2021. The demand for GBTC fell when BTC ETFs were approved in other countries. Cathie Wood isn’t alone in buying the dip. President Nayib Bukele, a well loved person in the crypto community, just announced that El Salvador will start buying 1 bitcoin per day. 

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">We are buying one <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> every day starting tomorrow.</p>&mdash; Nayib Bukele (@nayibbukele) <a href="https://twitter.com/nayibbukele/status/1593113857261965312?ref_src=twsrc%5Etfw">November 17, 2022</a></blockquote>  

Cathie Wood’s purchase and President Nayib Bukele’s plan shows that hey have confidence that the bottom could be in and that the BTC price is bullish. At cryptoflash.report, we have been bullish on BTC. The recent FTX collapse reminds us of how important BTC because: it is a peer-peer (no middle man) digital asset that runs on a decentralized platform (no corruptible human element). 

Buying the dip is something a lot of people say they will do; but, when the real dip comes, few actually push through with buying. Dips are characterized by crippling fear, reflected in the market sentiment. Cathie Wood has often shared that she is long-term bullish on bitcoin; and, she just put her money where her mouth is, to the tune of $2.8M through the Grayscale Bitcoin Trust (GBTC).

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Thu Nov 17 2022 Cathie Wood's Ark Invest "Purchases" $2.8M BTC Through Grayscale Bitcoin Trust Shares

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Cathie Wood's Ark Invest "Purchases" $2.8M BTC Through Grayscale Bitcoin Trust Shares