• Cathie Wood, CEO of asset management firm Ark Invest, praised Bitcoin for being the most decentralized and transparent blockchain in the crypto space.
• She believes that Bitcoin and Ethereum are “on the right track” and fuel “three revolutions”- money revolution, financial services revolution, and digital property rights.
• Wood compared Bitcoin to disgraced FTX founder Sam Bankman-Fried who preferred other blockchains over Bitcoin because he could not control it.
Cathie Wood Praises Crypto
The popular tech-focused fund manager Cathie Wood has declared that she will stick with her crypto investments, while praising Bitcoin (BTC) and Ethereum (ETH) as decentralized blockchains that have given her confidence in the space. Speaking with CNBC on Monday this week, Cathie Wood, the CEO of asset management firm Ark Invest, praised Bitcoin in particular for being the most decentralized and transparent blockchain in the crypto space.
Why Bankman-Fried Didn’t Like Bitcoin
She also made comparisons with the disgraced FTX founder Sam Bankman-Fried, and said there are obvious reasons why he preferred other blockchains over Bitcoin:”Sam Bankman-Fried didn’t like bitcoin. Why didn’t he like it? Because it’s completely decentralized, transparent, he couldn’t control it,” Wood said in the interview. She added that the firms that went under during the crypto market downturn last year were all “completely opaque and centralized.”
Blockchains Remain Resilient
The decentralized blockchains themselves, on the other hand, remained resilient according to Wood: “The blockchains, whether you talk about Bitcoin or Ethereum and many others, they didn’t skip a beat. Transactions did not stop. And I think that has given us a lot of confidence that actually they are on the right track.”
The popular fund manager further elaborated on her thesis for the crypto space and how it is disrupting traditional finance and making an impact on broader society. According to the investor there are “three revolutions” powered by crypto: “There’s money revolution which is mostly bitcoin or bitcoin and ether; There is financial services revolution which is Ethereum; And there’s this notion of digital property rights…that’s Web3.”
Despite some companies going bankrupt during last year’s market downturn due to their lack of transparency or centralization issues ,Wood remains confident about cryptocurrency’s future prospects citing its resilience when faced with challenging times .