Cathie Wood shared her thoughts on Bitcoin (CRYPTO: BTC) at the B Word Conference Wednesday, an event that also featured Tesla Inc (NASDAQ:TSLA) CEO Elon Musk and Jack Dorsey, the founder of Twitter Inc (NYSE:TWTR) and Square Inc (NYSE:SQ).
Wood On ESG Impact: Wood, the founder of Ark Invest, highlighted the role Bitcoin could play in ESG. Bitcoin could be the best form of money from an ESG perspective, Wood said.
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ESG, which stands for environmental, social and governance, is one of the reasons Wood has supported Bitcoin.
“Money has powerful network effect qualities,” Wood said.
Wood said the remittance industry is a $700-billion global market, with people paying massive fees to send money to their families or to other countries.
Bitcoin could solve some of the world’s problems, including remittance fees, Wood told viewers.
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“That’s a social responsibility.”
Related Link: What’s The Reason Not To Diversify, Cathie Wood Talks Bitcoin Hitting $400,000, Rise Of NFTs
Wood On 3 Roles Of Money, How Bitcoin Fits In: There are three roles of money, Wood said: store of value, means of exchange (transactions) and unit of account (a unit how goods are priced).
Right now, Bitcoin is a store of value, with the other roles existing on a smaller scale, she said.
“Store of value is a very big role.”
Bitcoin is the first rules-based monetary policy on a global scale, Wood said. The rule is Bitcoin having a quantity of 21 million units, which she said provides a huge store of value potential.
BTC Price Action: Bitcoin is trading at $31,690, up 6% at the time of writing.
Watch the Benzinga live commentary on the B Word Conference here.