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Cathie Wood, chief executive at ARK Invest, reiterated her support for cryptocurrencies such as bitcoin and ether on Monday, despite several digital asset companies collapsing last year and fresh signs that U.S. regulators want to tighten their control over the industry.
Wood called the Bitcoin
BTCUSD,
network “completely decentralized and transparent,” but said bankrupt crypto companies FTX, Celsius and Three Arrows were “completely opaque and centralized,” in an interview with CNBC on Monday.
“Those were the companies that went under,” she said.
Wood also said bitcoin has been leading a “money revolution,” while ether
ETHUSD,
has been ushering in a financial services “revolution.”
The so-called web three, or the next generation of the internet that some think could be decentralized, has been leading a “third revolution” in digital property rights, Wood told CNBC.
“I know that the best way to lift people and countries out of poverty is to give them immutable property rights. And we think that web three is all about bringing digital property rights into this new world,” Wood said.
In a January report, ARK Invest predicted that bitcoin would reach almost $1.5 million by 2030. The cryptocurrency is trading at around $23,316, up 41.8% year-to-date but still down 66.2% from an record high in November, 2021.
Wood’s funds, which usually invest in high-growth, technology-focused companies, had stellar performances in the 2020 and 2021 bull market, but crashed last year. Its flagship Ark Innovation ETF
ARKK,
fell more than 67% in 2022, but has regained about 24% so far this year.
