Cathie Wood: Bitcoin and Ethereum are ‘on track’, despite several crypto firms collapsing

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Cathie Wood, managing director of ARK Invest, reiterated her support for cryptocurrencies such as bitcoin and ether on Monday, despite the collapse of several digital asset companies last year and new signs that the US regulators want to tighten their control over the industry.

Wood called the Bitcoin network BTCUSD, +0.01% “completely decentralized and transparent,” but said bankrupt crypto firms FTX, Celsius, and Three Arrows were “completely opaque and centralized,” in an interview with CNBC. Monday.

“It’s the companies that went bankrupt,” she said.

Wood also said bitcoin was leading a “currency revolution,” while ether ETHUSD, -0.01%, ushered in a “revolution” in financial services.

The so-called Web Three, or the next generation of the Internet that some believe can be decentralized, has led a “third revolution” in digital property rights, Wood told CNBC.

“I know that the best way to lift people and countries out of poverty is to give them immutable property rights. And we believe Web 3 is about bringing digital property rights into this new world,” Wood said.

In a January report, ARK Invest predicted that bitcoin would reach nearly $1.5 million by 2030. The cryptocurrency is trading at around $23,316, up 41.8% since the start of the year, but still down 66.2% from the record high of November 2021.

Wood’s funds, which typically invest in high-growth, technology-focused companies, performed exceptionally well in the bull market of 2020 and 2021, but slumped last year. Its flagship Ark Innovation ETF ARKK, +0.99% fell more than 67% in 2022, but has recovered around 24% so far this year.

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