Ark Investment Management CEO Cathie Wood believes the decentralization and transparency of Bitcoin BTC/USD make it unsuitable in the eyes of former FTX CEO Sam Bankman-Fried.
What Happened: Wood took to Twitter on Saturday to deliver a firm criticism of the FTX saga. “The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it.”
The Bitcoin blockchain didn’t skip a beat during the crisis caused by opaque centralized players. No wonder Sam Bankman Fried didn’t like Bitcoin: it’s transparent and decentralized. He couldn’t control it. https://t.co/pV8UPT7cnm— Cathie Wood (@CathieDWood) December 11, 2022
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Wood provided a link to a report from her firm about Bitcoin, stating: “Despite market volatility associated with FTX’s demise, the supply held by long-term holders—or the supply last moved 155 days ago or more—closed flat for the month of November. We believe this data point indicates holders’ long-term focus and high conviction, despite recent events. Today, long-term-holder supply is 72% of bitcoin’s total circulating supply.”
Wood told Bloomberg in November that BTC “is coming out of this smelling like a rose,” reiterating the $1 million price target for the apex crypto by 2030.
ARK has strengthened its ties to crypto businesses affected by FTX, particularly Grayscale, a company within the Digital Currency Group (DCG) empire, by increasing its investments in the Grayscale Bitcoin Trust GBTC.
On Nov. 21, Wood’s Ark recorded a purchase of over 177,000 GBTC shares.
Price Action: At the time of writing, BTC was trading at $16,938, down 1.23 % in the past 24 hours, according to Benzinga Pro.
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