Bitcoin And Ethereum Are on The Right Track, Asserts Ark Invest's Cathie Wood
Cathie Wood, founder and CEO of American investment management firm Ark Invest has praised Bitcoin and Ethereum, noting that despite suffering sharp price drops following the collapse of FTX, they were both “on the right track.”
Speaking in a Monday interview, Wood’s posited that the fact that the technical aspects of the two cryptocurrency networks were unaffected by the recent debacle of top crypto firms proved the immutability of blockchain technology.
“Sam Bankman Fried did not like Bitcoin, why didn’t he like it? Completely decentralized, transparent, he couldn’t control it. FTX, Celsius and 3AC completely opaque and centralized. Those were the companies that went under,” Woods told CNBC’s “Squawk on the Street” host Carl Quintanilla.
“The blockchains, whether you are talking about bitcoin or Ethereum and many others, they did not skip a bit. Transactions did not stop, and I think that has given us a lot of confidence that actually they are on the right track,” she added.
The famed money manager shared her thoughts on the future of Blockchain. According to her, there were three revolutions taking place simultaneously. First, there was the money revolution which, to her, mainly was Bitcoin and a bit of Ether. Secondly, there was the financial services revolution, and lastly, there was the notion of digital property rights.
Notably, she emphasized the importance of immutable property rights, which have largely come to be seen through Non-Fungible Tokens (NFTs). In her opinion, the decentralization of property rights, as guaranteed by blockchain technology, would help greatly alleviate countries’ economic situation worldwide.
“I know that the best way to lift people ad countries out of poverty is to give them immutable property rights, and we think that web3 is all about bringing digital property rights into this new world,” she went on.
Since 2015 when Ark Invest first invested in Bitcoin, the millionaire has been making bullish predictions for Bitcoin’s price. On Feb. 1, she told CNBC’s Squawk Box that the crypto asset could reach six figures by 2030.
Wood’s support for blockchain technology has also been evident in Ark Invest’s portfolio allocations. The firm currently manages an Innovation ETF (ARKK) whose expressed goal is to capture growth from technologies that could potentially change the world. In recent weeks, Ark has aggressively accumulated Coinbase shares for the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW), scooping up nearly $9 million of COIN shares last week.
Ark also holds slightly over 5M (worth roughly $55M) in Grayscales Bitcoin Trust (GBTC) shares, further demonstrating Wood’s conviction about Bitcoin and its underlying technology.
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