Cathie Wood Praises Bitcoin and Ethereum
Popular fund manager Cathie Wood has declared that she will stick with her crypto investments, while praising Bitcoin (BTC) and Ethereum (ETH) as decentralized blockchains. She compared them to the disgraced FTX founder Sam Bankman-Fried, who did not prefer Bitcoin due to its decentralization. Wood further elaborated on her thesis for the crypto space and how it is disrupting traditional finance and making an impact on broader society.
Summary of Article
• Popular tech-focused fund manager Cathie Wood praised Bitcoin (BTC) and Ethereum (ETH) as decentralized blockchains that have given her confidence in the space.
• She compared these blockchains to the disgraced FTX founder Sam Bankman-Fried, who did not prefer Bitcoin due to its decentralization.
• Wood further elaborated on her thesis for the crypto space and how it is disrupting traditional finance and making an impact on broader society.
Decentralized Blockchains Are Resilient
In an interview with CNBC this week, Cathie Wood praised Bitcoin for being the most decentralized and transparent blockchain in the crypto space. She made comparisons with Sam Bankman-Fried’s preferred blockchains, which were “completely opaque and centralized.” On the other hand, decentralized blockchains like Bitcoin and Ethereum remained resilient during last year’s market downturn. According to Wood, this gave her confidence in these technologies being “on the right track.”
“Three Revolutions” Fueled by Crypto
Wood further elaborated on her thesis for the crypto space, stating that there are three major revolutions being fuelled by its rise: a money revolution (mostly involving BTC or BTC & ETH); a financial services revolution powered by Ethereum; and a notion of digital property rights facilitated by Web3 technology. These developments have been impacting traditional finance systems while also having wider social implications.
The popular asset management firm CEO has expressed confidence in cryptocurrencies such as Bitcoin and Ethereum based on their resilience during market downturns despite their lack of centralization or control from outside entities like banks or governments. She believes these technologies are currently powering three major revolutions: a money revolution; a financial services revolution; and a notion of digital property rights – each of which could have far-reaching consequences across multiple industries over time.