Ark Invest’s Cathie Wood Sticks to Crypto, Says Bitcoin and Ethereum Are “On the Right Track”

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Popular tech-focused fund manager Cathie Wood said she would stick to her crypto investments, while praising Bitcoin (BTC) and Ethereum (ETH) as decentralized blockchains that gave her confidence in space.

Speaking to CNBC on Monday this week, Cathie Wood, CEO of asset management firm Ark Invest, notably praised Bitcoin for being the most decentralized and transparent blockchain in the crypto space. She also drew comparisons to disgraced 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 crypto market downturn last year, including FTX, crypto lender Celsius and hedge fund Three Arrows Capital (3AC) were all “completely opaque and centralised.” .

Decentralized blockchains themselves, on the other hand, have remained resilient, Wood explained:

“Blockchains, whether you’re talking about Bitcoin or Ethereum and many others, they haven’t taken the leap. The transactions have not ceased. And I think that gave us a lot of confidence that they’re actually on the right track.

“Three Revolutions”

The popular fund manager expanded on his thesis on the crypto space and how it is disrupting traditional finance and impacting society at large. According to the investor, there are “three revolutions” that are fueled by the rise of crypto.

“There’s the currency revolution, which is mostly bitcoin, or bitcoin and ether. There is the financial services revolution, which is Ethereum. And there’s this notion of digital property rights…it’s Web3,” she said on CNBC’s Squawk on the Street.

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