$BTC: ARK Invest CEO Explains Why “SBF Didn’t Like Bitcoin At All”
Yesterday (1 February 2023), Catherine Wood, Founder, CIO, and CEO at ARK Investment Management, LLC (aka “ARK” or “ARK Invest”), shared her thoughts on crypto.
On 23 November 2022, Wood talked about Bitcoin and Ethereum during an interview with Carol Massar and Tim Stenovec on Bloomberg Businessweek Radio.
One of the first questions for Wood was why she still trusts crypto. The ARK Invest CEO replied:
“If you look at the blockchains — let’s use the Bitcoin blockchain and Ethereum — what you’ll find is they have the infrastructure. The technology has not skipped a beat throughout this entire crisis. In fact, Bitcoin’s hash rate is at an all-time high, and that is a real indication of the security of the network.
“On Ethereum, we’re seeing the total value staked at $24 billion; that is an all-time high. So we think the infrastructure is working beautifully.“
With regard to Bitcoin, when asked if she stands by her prediction that Bitcoin will be worth one million dollars per coin by 2030, Wood said:
“Yes. Sometimes you need to battle test, you need to go through crises to see the survivors, first of all, but really to battle test the infrastructure and the thesis. And again, we think bitcoin is coming out of this smelling like a rose because of what i have mentioned previously.
“And I do think that the one thing that will be delayed is perhaps institutions stepping back and just saying, ‘okay, do we really understand this?’, and once they actually do the homework and see what’s happened here, I think they might be more comfortable moving into Bitcoin and perhaps Ether as a first stop, as they’ll understand it more.“
The ARK Invest CEO’s most recent comments about crypto were made during a conversation with Andrew Ross Sorkin, co-anchor of CNBC’s “Squawk Box.”
When asked if she still believes that the Bitcoin price is going to $500K, Wood replied:
“Yes, we are. In fact, we’re a little higher than that in our base case for the year 2030. And in our bull case, much higher. If you look at what is happening in the last year, actually Sam Bankman-Fried didn’t like Bitcoin at all, and he didn’t like it because of its decentralization and transparency.
“And what companies went under, they were the highly centralized, non-transparent opaque companies, so FTX, Celsius, Three Arrows Capital. If you look at what happened to Bitcoin, the network, and Ethereum, the network, they really didn’t skip a beat at all. All transactions were completed. All smart contracts opened and closed.
“So I think that starting with 2008-2009, which is when Bitcoin really debuted and even more so after the crypto fallout this past year — the collapse in many companies — this idea of transparency and decentralization is taking hold, and bitcoin and Ethereum are the two best manifestations of that in the crypto world.“
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