Ark Investment Management CEO Cathie Wood defended Bitcoin BTC/USD and Ethereum ETH/USD, saying the two major cryptocurrencies "didn't skip a beat" despite the collapse of centralized entities such as FTX and Celsius.
What Happened: In an interview with CNBC on Monday, Wood expressed her confidence that decentralized and transparent blockchains like Bitcoin and Ethereum are "on the right track.”
“FTX, Celsius and 3AC are completely opaque and centralized. Those were the companies that went under but blockchains like BTC and Ether didn’t skip a beat and transactions did not stop. And that has given us a lot of confidence,” she said.
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
Wood's Ark Invest on Feb.1 released its seventh edition of the ‘Big Ideas 2023’, which suggested that BTC is on a trajectory that could see it become a multi-trillion dollar market in the coming years.
According to Ark research, the price of Bitcoin could exceed $1 million by 2030, a target Wood has predicted time and again.
Price Action: At the time of writing, Bitcoin was trading at $23,457, down 0.47% in the last 24 hours, according to Benzinga Pro.
(Illustration: Gonzalo Lanzilotta on Benzinga)
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
