(Bloomberg) — Former U.S. Treasury Secretary Steven Mnuchin said at the Milken Institute Global Conference that he’s investing in blockchain companies but not cryptocurrencies.
Most Read from Bloomberg
Investors should know what their money is going toward when it comes to investing in stablecoins, he said Tuesday at the conference in Beverly Hills, California.
Mnuchin touted cyber space as a “giant market” that could prompt companies to grow 10 or 20 times in size. Meanwhile, he said he will invest in global firms that do business in China but will stay away from China-only companies.
Wood Wants Her Clients to Benefit From the Next FAANGs (6:28 p.m. NY)
ARK Investment Management’s Cathie Wood said she’s awaiting a new rotation into her favored innovation stocks and that her base case for Tesla is $3,000. She also likes some biotech and pharma firms, including Pfizer Inc. and Regeneron Pharmaceuticals Inc.. She wants her clients to be exposed to the next FAANG stocks, she said.
Regarding Bitcoin, Wood said she got involved when the crypto’s market cap hovered around $6 billion — and it’s grown to around $1 trillion currently. She said she didn’t buy into the ProShares Bitcoin Strategy ETF, which is based on Bitcoin futures and made its Wall Street debut Tuesday.
Vaccine Success Garners Takeover Attention for BioNTech
BioNTech SE Chief Executive Officer Ugur Sahin was asked at the conference whether his company has been the recipient of any takeover…