Bitcoin
Cathie Wood at Consensus 2024: Bitcoin is ‘unstoppable’
Speaking at Consensus 2024, Cathie Wood spoke about her cryptographic preferences, indicating a bias towards Bitcoin.
During a panel discussion at Consensus 2024, Katie WoodCEO of ARK Investmade his position clear, expressing strong support for Bitcoin (Bitcoin) over all other currencies.
“It’s a big idea and it’s unstoppable,” Wood said of Bitcoin, “There’s no throat to choke it on. When Facebook launched Libra, there was a chokehold, but there is no such vulnerability with Bitcoin.”
Wood argued that no other cryptocurrency comes close to the potential and importance of Bitcoin. She addressed the importance of maintaining Bitcoin principles such as decentralization and self-custody.
“The heat is rising because Bitcoin is a new asset class. It is a monetary system, but it also represents a new asset class,” Wood said at the conference in reference to the recent approval of the spot Bitcoin ETF.
Cathie Wood on Ethereum ETF Spot
Wood called the recent location Ethereum ETF Approval “shocking” and credited the ETF’s quick and seamless approval to the pro-crypto push in the US government.
“The reading was this [the ETF] would not be approved. It absolutely would not be approved,” Wood said.
Wood made reference to the death of FIT21 It is Former President Donald Trump “coziness” with crypto, indicating that cryptocurrency policy is an election issue.
“We were sure it would be denied,” Wood said.
The emergence of cryptocurrency as a significant election issue in the United States is prompting candidates and lawmakers to clarify their positions on regulation, potentially shaping future financial and technological landscapes.
Wood emphasized that voters concerned about finances and economic stability can influence lawmakers to adopt clearer guidelines balancing growth and security in the crypto market.
The Federal Reserve
When asked about the Fed’s usefulness, Wood expressed the sentiment that it should be discontinued or reduced as Bitcoin and the power of money grow.
“It’s time to scale back drastically and let market forces prevail,” Wood said.
Wood criticized the Federal Reserve, echoing themes he considers archaic due to its outdated approach to monetary policy in the face of global asset classes such as Bitcoin.
Bitcoin over Ethereum
When asked if she could only invest in Bitcoin or Ethereum (ETH), Wood says he would strongly choose Bitcoin.
“Bitcoin, without a doubt. Without a doubt,” Wood said.
Wood once again highlighted Bitcoin’s usability and global monetary value when discussing its popularity over all other crypto options.
Ark’s price target for Bitcoin is based on the assumption that Bitcoin will capture more than 3% of the global money supply outside of the big four (US, UK, Japan and Europe). Wood said this forecast is conservative.
Wood also expressed positive sentiment toward El Salvador’s adoption of Bitcoinfurther solidifying its position.