Key Words: Cathie Wood: Bitcoin and Ethereum are ‘on the right track,’ despite collapse of several crypto companies


Cathie Wood, chief executive at ARK Invest, reiterated her support for cryptocurrencies such as bitcoin and ether on Monday, despite several digital asset companies collapsing last year and fresh signs that U.S. regulators want to tighten their control over the industry. 

Wood called the Bitcoin BTCUSD, -1.57% network “completely decentralized and transparent,” but said bankrupt crypto companies FTX, Celsius and Three Arrows were “completely opaque and centralized,” in an interview with CNBC on Monday.

iframe.twitter-tweet { width: 100% !important; }

“Those were the companies that went under,” she said.

Wood also said bitcoin has been leading a “money revolution,” while ether ETHUSD, -1.62% has been ushering in a financial services “revolution.”

The so-called web three, or the next generation of the internet that some think could be decentralized, has been leading 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 think that web three is all about bringing digital property rights into this new world,” Wood said. 

In a January report, ARK Invest predicted that bitcoin would reach almost $1.5 million by 2030. The cryptocurrency is trading at around $23,316, up 41.8% year-to-date but still down 66.2% from an record high in November, 2021. 

Wood’s funds, which usually invest in high-growth, technology-focused companies, had stellar performances in the 2020 and 2021 bull market, but crashed last year. Its flagship Ark Innovation ETF ARKK, +1.00% fell more than 67% in 2022, but has regained about 24% so far this year.

This article was originally published by Read the original article here.

Previous articleBare-minimum Monday: More of us are starting our work week off in slow motion
Next article: Hims and Hers stock rallies after Q4 beat, subscriber data


Please enter your comment!
Please enter your name here