Renowned fund manager Cathie Wood said she will stick with her cryptocurrency investments. She continues to praise Bitcoin (BTC) and Ethereum (ETH) and to have confidence in these decentralized blockchains.
Speaking on CNBC on Monday, Cathie Wood, CEO of asset management firm Ark Invest, praised the Bitcoin in particular for being the most decentralized and transparent blockchain in the crypto universe. She also drew comparisons to FTX founder Sam Bankman-Fried and said there were obvious reasons why he preferred other blockchains to 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 companies that went bankrupt during the cryptomo crisis last year, including FTX, crypto lender Celsius and hedge fund Three Arrows Capital (3AC), were all “completely opaque and centralized”.
Decentralized blockchains themselves, on the other hand, have remained resilient, Wood explained:
“Blockchains, whether we’re talking about Bitcoin or Ethereum and many others, didn’t fail. Transactions didn’t stop. And I think that gave us a lot of confidence that that they are indeed on the right track.”
“Three Revolutions”
Cathie Wood argues that the crypto universe is disrupting traditional finance and impacting society at large. According to her, there are “three revolutions” which are based on the rise of cryptocurrencies.
“There’s the money revolution, that’s Bitcoin and Ethereum. There’s the financial services revolution, Ethereum. And there’s this notion of digital property rights…that’s the Web3,” she said on CNBC’s Squawk on the Street.
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