Cathie Wood Praises Bitcoin’s Resilience After FTX Crash

[ad_1]

Alex Dovbnya

Ark Invest CEO Cathie Wood recently predicted that the price of Bitcoin could climb to $1 million despite the current crisis

In a recent tweet, Ark Invest CEO Cathie Wood highlighted the fact that Bitcoin has not budged during a recent crisis, praising the flagship resilience of cryptocurrencies.

She further argues that the disgraced founder of FTX, Sam Bankman-Fried, disliked Bitcoin due to the fact that it is transparent and decentralized. He couldn’t control it, added the famous stock picker.

Woods’ recent tweet comes in response to a monthly report published by Ark Invest, his investment management company.

Ark Invest noted that the supply held by long-term holders remains unchanged despite the market turmoil induced by FTX.

Last month, the number of active owners of Bitcoin also increased by more than 18%, which represents the largest positive percentage change since the start of 2021. This confirms the hypothesis that self-custody continues its upward trajectory. The flight to self-custody is also believed to be driving the largest monthly net outflows from centralized exchanges.

As reported by U.Today, Wood predicted that Bitcoin would hit $1 million by the end of November 2030. At the same time, she predicted that the collapse of FTX would likely hamper institutional adoption. However, once institutions do their homework, they might end up getting even more comfortable with Bitcoin, Wood says.

The largest cryptocurrency in the world is currently trading at $17,173 on the Bitstamp exchange.

The flagship cryptocurrency is down 75.13% from its lifetime peak of $17,160.

[ad_2]