Cathie Wood: Bitcoin and Ethereum on the Right Way

Popular tech-focused fund manager Cathie Wood has announced that she will continue investing in crypto while praising Bitcoin (BTC) and Ethereum (ETH) as decentralized blockchains that give confidence to the industry.

Cathie Wood, CEO of asset management firm Ark Invest, praised Bitcoin. She also made allegations about FTX founder Sam Bankman-Fried that there are obvious reasons why she prefers other blockchains over Bitcoin. Wood said in the interview:

“Sam Bankman-Fried didn’t like Bitcoin. Why didn’t he like it? Because he couldn’t control it because it was completely decentralized, transparent.”

Wood added that firms that went bankrupt during the crypto market downturn last year, including FTX, crypto lender Celsius and hedge fund Three Arrows Capital (3AC), were all “totally opaque and centralized.”

Wood noted that decentralized blockchains remain resilient:

“Blockchains, whether we’re talking about Bitcoin or Ethereum and many others, haven’t skipped a beat. Transactions haven’t stopped. I think that gave us a lot of confidence that they were actually on the right track.”

The popular fund manager further detailed his thesis on the crypto space and how it is disrupting traditional finance and having an impact on the wider community. According to Wood, there are “three revolutions” fueled by the rise of crypto. Speaking on CNBC’s Squawk on the Street, Wood said:

“The currency revolution, mostly made up of bitcoin and ethereum, has begun. A financial services revolution is taking place, led by Ethereum. And with Web3, the concept of digital property rights is emerging…”